HK Stock Market Move | HIPINE (02583) once fell more than 11% to a new low, with its share price nearly halving from its intra-month high.

HIPINE (02583) once fell more than 11%, touching a new low of HK$41.72, nearly halving from its intra-month high. As of press time, it was down 5.62% at HK$44.36, with a turnover of HK$33.3776 million. On the news front, HIPINE is about to mark its first anniversary of listing. According to its previous announcement, the lock-up period for the controlling shareholder and pre-IPO shareholders will expire on September 29. In the first half of this year, HIPINE achieved revenue of RMB333 million, up 15.9% year-on-year; adjusted profit for the period was RMB99.084 million, up 62.9% year-on-year. By product, watch revenue was RMB237 million, up 58.0% year-on-year, with its share rising from 52.1% in the same period last year to 71.0%; jewelry revenue was RMB97 million, down 29.9% year-on-year, as the company proactively scaled back low-margin jewelry amid a high gold price environment.