CCTC

Sanhuan Group fell 5.3% to close at HK$97.7, breaching the prior close of HK$103.2, with an intraday range of 5.5% after hitting a high of HK$103.2 in the morning. Despite strong Q1 results—revenue up 54.82% YoY to HK$3.04B, net profit up 57.19% YoY to HK$897M, EPS rising 55% to HK$0.4648, and net margin improving to 29.5%—the stock came under pressure from dilution concerns following the HK$2.35B placement and convertible bond issuance, as well as fading CPO hype. The afternoon session saw the low reach HK$97.75, about 5.6% below the recent high of HK$103.5. However, with a PE of 59.6x and PB of 7.7x, the valuation remains elevated, and the market is still digesting near-term profit-taking.

潮州三环 (6951.HK) 今日高开高走，收涨 6.72% 至 114.3 港元，主因 Q1 2026 净利润同比大增 57.19% 至 8.97 亿港元，EPS 0.4648 港元同比增 55.01%，净利率升至 29.5%，营收同比增 54.82% 至 30.4 亿港元，营业利润同比增 72.71%，财报全面超预期驱动股价从开盘价 110.0 港元单边上行至日内高 114.6 港元，距 52 周高 122.2 港元仅差 6.46%，但 YTD 已涨 8.86%，仍高于 20 日均线 106.08 港元近 7.7%，不过当前 PE 高达 69.56 倍，PB 8.93 倍，估值压力或限制后续空间。

Chaozhou Three-Circle (6951.HK) surged in afternoon trading, closing at HK$104.8, up 8.9% from the 52-week low of HK$96.25, but still 14.2% below the July 9 listing high of HK$122.2 and slightly below the YTD start of HK$105. Q1 revenue of HK$3.04 billion (+54.8% YoY), net profit of HK$897 million (+57.2%), and EPS of HK$0.4648 (+55.0%) with ROE of 14.4% and net margin of 29.5% drove a session reversal from a morning low of HK$97.35 to an intraday high of HK$106.00, on total turnover of HK$188 million and turnover rate of 5.2%. Though strong fundamentals supported the bounce, a PE of 63.9x and PB of 8.2x suggest elevated valuation.

Sanhuan Group slumped sharply intraday, falling to HK$99.5 in the afternoon session, marking a new all-time low since listing, mainly driven by dilution concerns after the company announced a HK$2.35 billion fundraise via placement and convertible bonds the previous day, alongside fading CPO hype. The stock initially rallied to an intraday high of HK$106.6 during morning trading but then weakened steadily, closing at the day's low with total turnover of 3.23 million shares and a turnover rate of 9.02%. Despite strong fundamentals—Q1 2026 revenue up 54.82% YoY to HK$3.04 billion and net profit up 57.19% YoY to HK$897 million—the current price of HK$99.5 is 18.58% below the 52-week high of HK$122.2 and below the 20-day moving average of HK$103.17, with a PE of 60.71x and PB of 7.80x remaining elevated; the YTD decline of 5.24% has partially absorbed earlier gains, though.

Sanhuan Group, debuting just yesterday, experienced a sharp intraday reversal on its second trading day. The stock surged to a high of HK$122.20 in the morning session, driven by renewed CPO (Co-packaged Optics) hype and a Huawei project rumor, but gave back all gains in the afternoon, closing at HK$103.00, down 1.9% from the previous close of HK$105.00, with a full-day range of approximately 17.8%. The turnover exceeded HK$776 million, with an exceptionally high turnover rate of 19.17%. While Q1 2026 results were strong—revenue up 54.82% YoY to HK$3.04 billion and net profit up 57.19% YoY to HK$897 million, with a net margin of 29.5%—the stock's valuation (PE 62.85x, PB 8.07x) appears stretched. The current price is only 2.69% above its 52-week low of HK$100.30 but 15.71% below the 52-week high of HK$122.20, and also below the 20-day moving average of HK$105.15. Though the fundamental story remains intact, the dramatic reversal suggests significant profit-taking after the initial surge, and post-market reports indicate the CPO project is still in an early stage, tempering near-term enthusiasm.