HK Stock Market Move | Victory Giant Technology (02476) fell over 6% during intraday trading as the growth momentum for its performance in the first half of the year weakened, raising concerns regarding its equity structure adjustments.

Victory Giant Technology (02476) fell over 6% during trading and has seen its stock price drop nearly 20% cumulatively post-earnings. As of the time of publication, it dropped 4.74% to HKD 204.8, with a trading volume of HKD 585 million. On the news front, Victory Giant Technology's recently released semi-annual report for 2026 shows that the company achieved operating revenue of 11.629 billion yuan, a year-on-year increase of 28.77%; net profit attributable to shareholders reached 2.857 billion yuan, an increase of 33.3%. Despite the company achieving growth in both revenue and profit, there is a significant decline compared to the same period last year, where revenue growth was 86% and net profit growth was 366.89%. Meanwhile, in the first half of the year, the non-GAAP net profit was 2.418 billion yuan, with growth dropping sharply from last year's 365.69% to 12.5%. In the second quarter, the non-GAAP net profit was 1.161 billion yuan, down 5.28% year-on-year. In addition, the company's actual controller Chen Tao recently transferred nearly half of his shares held as the controlling shareholder to his spouse Liu Chunlan, marking the family's first public action following the "elevator gate" incident. This adjustment in the shareholding structure has attracted market attention. Victory Giant Technology stated that this adjustment is a restructuring of the shareholding within the actual controller's family and does not involve changes to the shares held by the controlling shareholder and its concerted parties, does not trigger a mandatory offer, and will not result in changes to the controlling shareholder or actual controller of the company.