HK Stock Market Move | GPIXEL (03277) Falls Over 6% to Hit a New Listing Low, Down Nearly 20% Since Cornerstone Investors' Lock-up Expiry

GPIXEL (03277) opened higher but trended lower, hitting an intraday low of HK$43.92, a new listing low. As of press time, it is down 6.27% at HK$44.86, with turnover of HK$57.83 million, having fallen nearly 60% from its May high of HK$116.713. On the news front, the six-month lock-up period for shares held by GPIXEL's cornerstone investors expired on October 16, with a total of 32,645,200 restricted shares becoming tradable on October 17, accounting for approximately 7.33% of the company's total share capital. The cornerstone investors included HHLR under Hillhouse, Boyu Capital, UBS Asset Management, Greenwoods Asset Management, and Fullgoal Fund. The participating cornerstone investors comprised overseas asset management institutions, public funds, and several industrial capital investors. Before the lock-up expiry, the share price was still above the IPO price of HK$39.88. It is worth noting that the share price decline diverges from fundamentals. Interim results showed that the company's revenue in the first half of the year was RMB 641 million, up 78.4% year-on-year, and profit attributable to owners of the parent was RMB 250 million, up 197.2% year-on-year. Among this, industrial imaging revenue was RMB 531 million, up 101.7% year-on-year, accounting for 82.8% of total revenue, mainly driven by growth in demand for high-end industrial inspection and lithium battery and PCB inspection.