The AI software sector has taken two different paths in China and the US. $DEEPZERO(02723.HK) rose by four or five points, with independent capital flowing into Hong Kong stock AI applications. However, $XUNCE(03317.HK) fell by six points, while $C3.AI(AI.US), $BigBear.ai(BBAI.US), and $Xiao I(AIXI.US) were all between slight declines and stagnation. They all tell the same AI software story, so why did only this Hong Kong stock rise while the others were weak? It looks more like a liquidity issue rather than fundamentals. Hong Kong small-cap AI stocks have poor liquidity and are easily moved by single buy orders. For those unprofitable small-cap AI stocks in the US that haven't proven their business model, any rebound is quickly given back when the broader market weakens. The drop in $XUNCE(03317.HK) looks more like a shareholding structure problem.
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