On September 11, LONGSYS fell 4.61% in regular trading to HK$202.2, with turnover of approximately HK$12.27 million. The stock has now declined roughly 14.3% from its IPO price of HK$236 since its Hong Kong listing on September 8, having broken below the offer price on its debut and remained under sustained selling pressure.

Market concerns center on three key issues. First, the H-share offer price was set at a discount of over 40% to the A-share price, sparking valuation-anchoring disputes between the two markets. Second, operating cash flow turned sharply negative in the first half, reaching -3.151 billion RMB versus +693 million RMB in the same period last year. Third, inventory stood at an elevated 25.777 billion RMB as of end-June, accounting for over 60% of total assets, fueling fears of a storage cycle peak and potential write-downs.

Despite reporting first-half net profit of 10.577 billion RMB and executing cumulative A-share buybacks exceeding 500 million RMB, market skepticism over earnings sustainability and cyclical risks continues to pressure the stock. The company completed its latest A-share buyback of 143,400 shares on September 10, spending approximately 49.99 million RMB as part of an ongoing equity incentive program with a total repurchase budget of up to 800 million RMB.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)