STOCKS | Xingye Technology Hits Limit-Down After Seven Straight Limit-Up Sessions

Xingye Technology shares hit the daily limit-down on June 30, closing at 28.53 yuan per share, down 10%. According to Jin10, the stock had previously posted seven consecutive limit-up sessions. Market commentary attributed the sharp decline to earlier gains that were driven mainly by the company’s recent announcement that it planned to acquire an indium phosphide substrate business for 55 million yuan, with the target viewed as relatively small. Some market participants also cited weak performance in the company’s traditional footwear and leather core business, saying it did not support a high valuation. In response, Xingye Technology said the acquisition of the indium phosphide-related business was still being advanced and had not yet been completed. The company added that the transaction would not affect its current operations and would not affect results for the year, and said investors should refer to its official announcements for updates.