On June 26, Iluvatar CoreX (09903.HK) fell 6.24% in regular trading, trading at HK$744.5/share, with turnover of HK$257 million. The stock hit an all-time high of HK$887.50 in the previous session, triggering concentrated profit-taking pressure.

The pullback reflects valuation strain following an extraordinary run-up. The company remains unprofitable, with a price-to-book ratio of approximately 32.62x and a price-to-sales ratio previously exceeding 100x, far above Hong Kong-listed semiconductor sector averages. Key catalysts — including a reported ByteDance deal to purchase at least 50,000 AI inference chips worth approximately RMB 600 million and potential Alibaba procurement — have not been officially confirmed, leaving elevated expectations vulnerable to correction.

The broader semiconductor sector was under pressure on the same day, with SMIC down 3.37%, Montage Technology down 4.14%, Biren Technology down 3.46%, and GigaDevice down 3.34%, reflecting sector-wide risk-off sentiment following recent sharp gains.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)