XtalPi Holdings (2228.HK) tumbled 4.5% in Hong Kong trading to HK$7.68, sliding from the day's open of HK$8.00 and hitting a session low of HK$7.665. Turnover reached 9.35 million shares, or approximately HK$72.86 million, with a sharp 3%-plus drop occurring within a five-minute window.

The reversal followed a 12%-plus surge on Thursday, when upbeat Phase 3 mRNA vaccine data from Moderna and Merck lifted the broader biotech sector. XtalPi reported fiscal 2026 first-half revenue of RMB 393.6 million, down 23.9% year-on-year, and a net loss of RMB 225 million, swinging from a prior-year profit. Stripping out a large pipeline-licensing upfront payment in the prior-year period, underlying revenue rose 73.8%, led by a 136.4% jump in AI4S intelligent solutions. R&D spending surged 66% to RMB 368 million, directed at multimodal technology and autonomous laboratory infrastructure.