$RECONOVA(07656.HK) fell five percentage points, $METIS TECHBIO-P(07666.HK) barely moved. The hype around Hong Kong's 18C Specialized Tech IPOs is fading faster than expected, whether it's AI vision or AI drug discovery. At the time of listing, they all tell stories about three years later; after listing, it's the current valuation that takes the hit. Stocks without an earnings anchor have nothing to hold onto when the tide goes out. 🫥
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