--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/31640054.md" description: "$XTALPI(02228.HK) The stock price of Jingtai Holdings (02228.HK) has not risen and has even declined recently, mainly due to the following reasons:• Heavy pressure from performance losses: According to the 2024 interim report, the company's operating income was RMB 103 million, a year-on-year increase of 28.34%, but its net profit attributable to the parent company was a loss of RMB 1.237 billion, expanding by 101.8% year-on-year. High R&D and operating expenses have dragged down profitability, leading investors to question the sustainability of its business model, which in turn has affected the stock price.• Collaborations have not translated into actual revenue: Although Jingtai Holdings frequently announces strategic collaborations across sectors such as pharmaceuticals, materials, and energy, most of these collaborations remain at the "framework agreement" or "initial investment" stage and have yet to generate actual revenue. For example, the Middle East laboratory project in collaboration with the UAE royal family may take years to yield returns, making it difficult to support the stock price in the short term.• Equity dilution and financial pressure: The company's expansion relies on external financing. In February 2025, it raised funds by placing 342 million shares, significantly diluting existing shareholders' equity. At the same time, the high investment in the Middle East project may further exacerbate financial pressure. If subsequent revenue falls short of expectations, it will drag down overall profitability, leading investors to adopt a cautious stance.• Fierce industry competition: Jingtai Holdings focuses on R&D solutions combining quantum physics and AI, operating in a highly competitive technology-intensive industry. The median price-to-earnings ratio (P/E) of its Hong Kong-listed peers is -0.49x, while Jingtai Holdings' trailing P/E ratio is -5.31x, significantly lagging behind the industry average and facing substantial competitive pressure.• Valuation bubble and rational correction: Jingtai Holdings' P/E ratio was once far higher than the industry average, possibly reflecting market expectations bubble for future growth. As investors become more rational and recognize that the commercialization of AI technology takes time, the company's "collaboration narrative" may fail to translate into actual performance, making it difficult to sustain high stock prices and leading to a correction.• Index component adjustment: On June 30, 2025, Hang Seng Indexes Company announced revisions to the Hang Seng Stock Connect Hong Kong Innovative Medicine Index, removing Jingtai Holdings. This may prompt some index-tracking funds to adjust their holdings, putting additional pressure on the stock price." datetime: "2025-07-10T00:14:31.000Z" locales: - [en](https://longbridge.com/en/topics/31640054.md) - [zh-CN](https://longbridge.com/zh-CN/topics/31640054.md) - [zh-HK](https://longbridge.com/zh-HK/topics/31640054.md) author: "[江汉南京](https://longbridge.com/en/profiles/16860474.md)" --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/31640054.md) | [繁體中文](https://longbridge.com/zh-HK/topics/31640054.md) # $XTALPI(02228.HK) The stock price of Jingtai Holdi… ### Related Stocks - [XTALPI (02228.HK)](https://longbridge.com/en/quote/02228.HK.md)