Changes in Hong Kong stocks | Jiang Bolong (09976) fell by more than 8% the day after listing. The issuance and reduction of holdings raised concerns that cash flow changed from positive to negative in the first half of the year

The Zhitong Finance App learned that Jiang Bolong (09976) once fell more than 8% in the afternoon, and the stock fell below the issue price of HK$236 on the first day of listing yesterday. As of press release, it decreased by 6.85% to HK$217.6, with a turnover of HK$175 million.

According to news, Jiang Bolong, as a domestic independent brand semiconductor memory manufacturer, specializes in R&D, design and sales of Flash and DRAM storage products, and owns three major brands: FORESEE, Lexar (Lexar), and Zilia. It is worth noting that Jiang Bolong's current H share issuance price is equivalent to about RMB 204, which is more than 40% off of the closing price of A-shares on September 7. Just a month ago, Jiang Bolong completed a round of fixed A-share increases of 3.7 billion yuan at 560 yuan per share. On the other hand, during the year, many directors and shareholders of Jiang Bolong also reduced their holdings in A-shares at a high level.

In terms of fundamentals, although Jiang Bolong's net profit for the first half of 2026 reached 10.577 billion yuan, its cash flow did not improve at the same time. In the first half of this year, net cash flow from operating activities was 3.151 billion yuan, compared to 693 million yuan in the same period last year, a year-on-year decrease of 554.82%. What really eats up cash is inventory. By the end of June, Jiang Bolong's book inventory reached 25.777 billion yuan, an increase of about 120.73% compared with 11.678 billion yuan at the end of 2025, accounting for 60.12% of total assets of 42,877 billion yuan.