HK Stock Market Move | Denglin Technology-P (09917) falls nearly 5% again to a new post-listing low; the company's revenue is highly concentrated among its top five customers.

Denglin Technology-P (09917) hit a low of HK$197.0 in the afternoon, a new low since listing. As of press time, it is down 4.78% at HK$197.3, with turnover of HK$38.341 million. On the news front, Denglin Technology listed on the Hong Kong Stock Exchange on November 10, and its share price fell more than 7% on the first day, followed by three consecutive days of declines. Today the stock touched a low of HK$197, down nearly 15% from its offer price. It is understood that Denglin Technology is a general-purpose graphics processing unit (GPGPU) provider that develops and sells GPGPU products. Its public offering was only 2.11 times subscribed, while the international placing was 1.34 times subscribed. From 2023 to 2025, the company's revenue grew from RMB27.93 million to RMB171.3 million, with cumulative losses of approximately RMB910 million over the three years; in the first four months of this year, revenue was RMB200.4 million and adjusted net profit was RMB20.6 million, achieving a turnaround from loss to profit. It is worth noting that the company's revenue is highly concentrated among its top five customers. In 2023, 2024, 2025 and the first four months of 2026, revenue from the top five customers accounted for 98.4%, 85.1%, 83.0% and 90.4%, respectively.