HK Stock Market Move | MININGLAMP-W(02718) falls by over 15% again, with its market value evaporating over HK$10 billion in two trading days.

MININGLAMP-W(02718) fell by more than 15%. The stock was officially listed on the Hong Kong Stock Exchange on November 3rd and saw a surge of over 100% on the first day, with a market value reaching over 43 billion Hong Kong dollars. However, in the following two days, the stock price turned downwards, with the market value evaporating over 10 billion Hong Kong dollars in just two trading days. As of the time of writing, it has fallen by 15.93%, closing at 212.2 Hong Kong dollars with a trading volume of 77.22 million Hong Kong dollars and a total market value of 30.637 billion Hong Kong dollars. According to the prospectus, Mininglamp Technology is a leading Chinese data intelligence application software company. Based on Frost & Sullivan's data, by 2023 total revenue, Mininglamp Technology is the largest data intelligence application software supplier in China. The company relies on core technology and industry insights to provide data intelligence products and solutions covering marketing and operational intelligence, involving online and offline scenarios. Financially, Mininglamp Technology's adjusted net losses for 2022 to 2024 are 1.099 billion, 174 million, and 45.113 million yuan, respectively, with losses continuously decreasing and achieving an adjusted net profit of 24.873 million yuan in the first half of 2025. It is worth noting that Mininglamp Technology's market valuation has experienced significant fluctuations. Its valuation reached approximately 3.05 billion US dollars during the E2 round of financing on November 20, 2020, but fell to around 542 million US dollars in 2023, and only rose back to 1.666 billion US dollars during the F-3 round of financing on January 25, 2024. In addition, the company's prospectus predicts a significant increase in the net loss for the full year of 2025, mainly due to an increase in the fair value loss of preferred shares; investments in new product development will increase significantly; and sales and marketing efforts will increase to enhance brand awareness and market penetration.