On September 16, HAIZHI TECH GP fell 5.04% in regular trading, trading at HKD 40.8/share, with turnover of HKD 24.39 million. The previous session's 5.51% rebound — spurred by the company's participation in the launch of a national space-terrestrial cross-domain intelligent computing network project — failed to sustain momentum.

On the news front, multiple headwinds continue to pressure shares. A special general meeting held on September 11 approved five H-share incentive plan resolutions with over 99.99% approval, following a prior option exercise that added approximately 3.79 million new H shares and expanded total share capital to roughly 404 million shares. The market remains concerned about further dilution as the incentive schemes are implemented. Meanwhile, the broader HK-listed AI application sector has been under sustained selling pressure, with peers such as Zhipu and MINIMAX-W posting notable declines in recent sessions.

Fundamentally, the company's interim results showed revenue surging 70.4% year-over-year to RMB 296 million, with gross margin improving 6.2 percentage points to 44.7%. However, it still recorded a net loss of approximately RMB 79 million and negative operating cash flow of RMB 108 million, leaving the path to profitability unclear.

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