Sprint Hong Kong stock connection final examination window: HAIXI PHARMA (02637) "market value safety cushion" and market language.

In the past two months, the K-line chart of HAIXI PHARMA (02637) has followed a standard control trajectory: from the volume-driven start in late October, to the volume-reduced washout in early November, followed by a sharp continuous rise in green candles, pushing the stock price to a new high for the year, and ultimately entering a strong oscillation phase lasting several weeks. This series of clear and measured market signals clearly reflects the strong intention and direction of the main funds - to rapidly increase market value and boost liquidity as the core goal, and to carefully plan for the qualification for the Hong Kong stock connect. A market value boosting action as a prelude to the "stock connect" Observation of the phased market data of HAIXI PHARMA in the past two months (October 20, 2025 to December 9) reveals a complete and strategically intentional main operation pattern. The core goal is to quickly increase and stabilize market value to meet the requirements for the Hong Kong stock connect. The entire process is clearly rhythmic and can be divided into four key stages: The first stage (October 20 to October 30) involves heavy buying to lay the foundation. This stage shows typical features of "price and volume rising together" accumulation. The stock price started from a low of 97.50, rose by 18.63% in 8 trading days, with a sharp increase in turnover to 4.82%, totaling 3.7917 million. More importantly, the volume of green candles accounted for 87.5% (3.3185 million), indicating that buying power was dominant. During this period, the main funds actively bought in, quickly gathering chips and moving away from the cost zone, accumulating enough "ammunition" and space for subsequent operations. The second stage (October 31 to November 5). After the initial rise, the market entered a 4-day technical adjustment phase. The stock price fell by 5.79%, but the volume sharply shrank to 0.4787 million, with a turnover rate of only 0.61%. Despite the advantage of red candles, the "low volume" was only 0.0623 million, and most of the red volume was due to profit-taking from previous positions, without panic selling. This "volume-reduced pullback" is a standard market technique aimed at clearing short-term floating chips, raising the market's average holding cost, and reducing selling pressure for the upcoming main wave. The third stage (November 6 to November 12) was the core breakthrough stage of this operation. The main force utilized 5 consecutive green candles to rapidly push the stock price from 112.50 to 147.00, a increase of 26.49%. Particularly noteworthy is that this round of rally showed the characteristics of "volume-reduced rise" - the turnover rate remained at a low level of 0.79%, and the green volume accounted for 100%. This usually indicates that the market chips are well locked, the main force control is high, and the price breakthrough was achieved with relatively small capital cost, successfully lifting the stock price and market value to a new platform. The fourth stage (November 13 to December 9) involves accumulating energy for a new phase. The stock price underwent several weeks of oscillation and consolidation above the new platform. Despite some fluctuations during this period, the overall average price remained stable in the high range of 130.54, with more green candles than red candles, showing good support. This high-level accumulation of energy is conducive to further consolidating market consensus and preparing necessary groundwork for opening up broader market value space in the future. In summary, through the four clearly defined stages - from low-volume accumulation and foundation laying, volume-reduced washout and structure optimization, to efficient rise and breakthrough of the platform, high-level oscillation and solid foundation consolidation - HAIXI PHARMA has completed a carefully designed market value operation. Strategy for the Hong Kong stock connect: Market value management path based on the expectation of "full circulation" As an H-share listed company, HAIXI PHARMA has submitted an application for "full circulation" of shares. Under this mechanism, the shares held by major shareholders will have the qualification to circulate in the secondary market after the 12-month lock-up period, providing an important exit and asset allocation channel. This system objectively strengthens the motivation of major shareholders to actively manage market value, with one of the core goals being to push the company into the Hong Kong stock connect, introducing a broader investor base, improving liquidity, and valuation levels. According to the current inclusion rules of the Hong Kong stock connect, the target company must meet the core condition of a daily average market value of not less than 9.3 billion Hong Kong dollars. Faced with the next scheduled review window on December 31, time constraints are relatively tight. The market value management strategy adopted by HAIXI PHARMA has a clear arithmetic logic: by significantly increasing the market value above the threshold at the beginning of the observation period, it constructs a so-called "market value safety cushion". Specifically, as of the closing on December 10, the company's outstanding shares were 78.7073 million shares. Based on the current stock price, the daily average market value of its outstanding shares has reached 9.77 billion Hong Kong dollars, already exceeding the 9.3 billion Hong Kong dollar threshold requirement. Of particular importance, during the recent rise in the stock price to a high of 147 Hong Kong dollars, the market value of the company had already surpassed 10 billion Hong Kong dollars. Even if the stock price subsequently falls due to technical adjustments, the high base effect of the previous period will provide strong support for the daily average market value, significantly reducing the tail risk caused by market value not meeting the standards due to short-term fluctuations. From the perspective of strategy execution, this path aims to lock in the daily average market value to meet the standards with minimal market volatility costs within a limited number of trading days (currently about 13 trading days left until December 31), laying a foundation for smoothly entering the list of candidates for the Hong Kong stock connect. In conclusion, over the past two months, HAIXI PHARMA has efficiently pushed up the stock price and market value to exceed the threshold for the Hong Kong stock connect through precise rhythms of "accumulation - washout - rise - consolidation", guiding market expectations and optimizing holding structures. Currently, its daily average market value is above 9.77 billion Hong Kong dollars, laying a solid technical and psychological "safety cushion" to secure the qualification for the Hong Kong stock connect before the review window on December 31. However, the ultimate effects of any sophisticated capital operation must be evaluated within a larger context. In the short term, successful entry into the stock connect will bring significant liquidity premiums and valuation boosts, achieving the primary goal of the strategy. But in the long run, the ultimate support for the stock price will inevitably return to the company's fundamentals - its pipeline progress, commercialization capabilities, and profit prospects.