Flash crash! RoboSense plummeted by 67%, is the lifting of the ban causing an impact?
On July 5th, Robosense's stock price plummeted by 67.07%, possibly due to the unlocking of cornerstone investors. The company is a provider of autonomous driving LiDAR solutions, with a revenue of 361 million yuan in the first quarter of this year. The stock price remained stable in the early stages of listing, but began to rise after being included in the Hang Seng Composite Index, with a peak increase of 118.01%. However, the stock price subsequently started to decline and has since fallen by about 80%
On July 5th, one of the two leading companies in car-mounted LiDAR, RoboSense (02498.HK), experienced a sudden flash crash, with the intraday low reaching HKD 15.28 per share, hitting a historical low. As of the time of writing, the stock plummeted by 67.07% to HKD 16.78, with a turnover of HKD 331 million and a turnover rate of 4.14%.
As a newly listed company in the Hong Kong stock market this year, RoboSense had relatively low turnover and turnover rate before this incident. For example, on July 4th, RoboSense had a turnover of only HKD 2.1028 million and a turnover rate of 0.009%.
The significant drop in RoboSense's stock price today and the sharp increase in turnover may be related to the unlocking of shares held by its cornerstone investors.
According to previous announcements, July 4, 2024, was the unlocking date for RoboSense's cornerstone investors. Among them, Shenzhen Nanshan Strategic Emerging Industry Investment Co., Ltd. unlocked 18.166 million shares, accounting for 4.04% of the issued shares.
Founded in 2014, RoboSense is a provider of autonomous driving LiDAR environmental perception solutions. The company is based on LiDAR hardware and has laid out artificial intelligence perception software to form solutions.
On January 5th this year, RoboSense successfully listed on the Hong Kong Stock Exchange. However, in the early stages of listing, the stock price fluctuated slightly within the range of HKD 33 to HKD 45, maintaining a relatively stable trend.
It wasn't until May 17th, when Hang Seng Index Company announced the inclusion of RoboSense in the Hang Seng Composite Index, that RoboSense's stock price started a rising trend from May 20th and reached its highest point since listing on June 11th, reaching HKD 137.5 per share, with a cumulative increase of 118.01% during this period.
However, the next day (June 12th), RoboSense's stock price began to turn downwards, showing continued weakness, and has since fallen by about 80%.
Looking back at the fundamentals, RoboSense's prospects are promising, but its performance at the moment is still not optimistic.
In recent years, with the rapid popularization of intelligent driving technology in the terminal market, LiDAR has begun to accelerate in the car market.
As a LiDAR and perception solution service provider, RoboSense has also ushered in new development opportunities, with its revenue growing rapidly. In the first quarter of this year, the company's LiDAR product sales reached 120,400 units, a year-on-year increase of 457.4%, driving total revenue to reach HKD 361 million, a year-on-year increase of 149.1% However, despite selling nearly 120,400 LiDAR units, RoboSense is still deeply mired in a loss-making quagmire, with a net loss of 131 million yuan for the period
