“Hangzhou Six Little Dragons”’s first listed company, Group Nucleus Technology, saw its shares fall 2.64% to HK$8.84 on July 14, after dropping sharply by more than 80% from its all-time high of HK$48.5. The real test comes on October 16—when the 6-month lock-up period for the controlling shareholder and cornerstone investors expires, nearly 1.6 billion shares (92.64% of the total issued share capital) will be released to the market. The massive unlocking pressure puts the stock price on the brink of yet another round of reshuffling.
Full timeline of Group Nucleus Technology’s 536% surge after listing, then collapse of over 80%
According to reports, the key price action milestones for Group Nucleus Technology shares since listing are as follows:
April 17, 2026 (listing day): Jumped 144.09%, closing at a market cap of HK$31.62 billion
Two days after listing: Continued to push higher to HK$48.5, with a cumulative gain of 536.48% versus the issue price, and market cap reaching HK$83.7 billion
July 14, 2026 (latest close): HK$8.84 (down 2.64%), market cap of HK$15.26 billion
Drawdown from the peak: More than 80%
Drawdown based on market cap on the first day of listing: Erased over half (HK$31.62 billion → HK$15.26 billion)
Fundamentals: 90% of revenue from “CoolJial e,” cumulative losses exceed 1.5 billion
According to reports, Group Nucleus Technology has the following structural issues in its fundamentals: 2025 revenue was RMB 820 million, and adjusted net profit of RMB 57 million barely turned positive; however, cumulative losses during 2023 to 2025 exceeded RMB 1.5 billion, and the prospectus also warned that 2026 may see losses again.
In terms of revenue mix, about 90% of revenue comes from its home renovation tool “CoolJial e,” which is deeply tied to the downstream real estate sector; the space intelligence business that the market is most期待ed about has a very low share. It was positioned at listing as the “world’s first space intelligence stock” to fill the narrative gap for AI extensions into the physical world in Hong Kong equities, but the actual business structure leaves limited support for the fundamentals.
FAQ
What are the main reasons Group Nucleus Technology shares fell from HK$48.5 to HK$8.84?
According to reports, analysts said the initial blow-up was a typical effect of a “scarce AI narrative + liquidity siphon”; after the early excitement faded, the business lacked fundamental support. About 90% of Group Nucleus Technology’s revenue comes from the home renovation tool “CoolJial e,” which is deeply connected to the downstream real estate sector, while the space intelligence business has an extremely low proportion. With the market repricing the company, the share price pulled back to levels closer to its fundamentals.
How big is the unlocking pressure on October 16, 2026?
According to reports, the 6-month lock-up periods for the controlling shareholder and cornerstone investors will expire on October 16, 2026. At that time, nearly 1.6 billion shares—representing 92.64% of the total issued share capital—will become tradable. The large scale of the unlocking could subject the stock to another round of selling pressure; the specific impact will depend on market liquidity at that time and the moves of major shareholders.
Why is Group Nucleus Technology called the “first Hangzhou Six Little Dragons” stock?
According to reports, “Hangzhou Six Little Dragons” is the market’s nickname for six representative AI startups in the Hangzhou area; Group Nucleus Technology is the first among them to be listed on the Hong Kong Stock Exchange (HKEX). It was positioned as the “world’s first space intelligence stock” ahead of its April 2026 listing.
