Geek+ (2590.HK) slipped 0.54% in Hong Kong trading to HK$8.325, hitting a 52-week low. A block trade of 14.55 million shares was executed at HK$7.540 each, totaling roughly HK$110 million, at a 9.92% discount to the previous close.
The company has been actively repurchasing shares, buying back 2.8 million shares for about HK$23.51 million on Sept 14 alone, with near-daily buyback activity since the start of September.
In its interim results, Geek+ reported first-half revenue of 1.284 billion yuan, up 25.3% year-over-year, with new orders reaching 2.385 billion yuan, up 35.5%. However, the IFRS loss widened to 177 million yuan, mainly driven by foreign exchange losses and increased R&D spending on embodied intelligence. BofA Securities cut its target price by 44% to HK$15 from HK$27, while maintaining a Buy rating.