On June 26, Leapmotor declined 5.34% in regular trading, trading at HKD 33.76/share, with turnover of HKD 51.12 million.

On the news front, the Hong Kong-listed auto sector weakened broadly, with NIO down 4.51%, BYD Company down 4.14%, and XPeng down 3.34%, reflecting significant sector-wide selling pressure. Industry data shows domestic auto retail sales declined 16.1% year-over-year in May, with cumulative January-May sales volume falling 20.6%, as persistent price wars erode margins across the sector.

At the company level, Leapmotor's RMB 6.744 billion private placement recently drew four rounds of inquiries from the CSRC, which specifically questioned the sharp decline in gross margin from 14.5% last year to 9.4% in Q1, as well as the sustainability of profitability. The company reported a Q1 net loss of RMB 390 million, with its volume-over-price strategy visibly straining operational quality. The stock has already halved from its August high of HKD 76.3, and founder share purchases totaling HKD 720 million have failed to arrest the decline.

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