Miner Technology-W (02718) has dropped over 15% again. As of the time of writing, it fell by 15.93%, trading at HKD 212.2, with a turnover of HKD 77.2228 million and a total market capitalization of HKD 30.637 billion.
According to Zhitong Finance APP, Miner Technology-W (02718) has fallen over 15% again. The stock was officially listed on the Hong Kong Stock Exchange on November 3, with its share price surging over 100% on the first day, pushing its market value to exceed HKD 43 billion. However, in just two trading days, the share price reversed downwards, resulting in a market value loss of over HKD 10 billion. As of the time of writing, it fell by 15.93%, trading at HKD 212.2, with a turnover of HKD 77.2228 million and a total market capitalization of HKD 30.637 billion.
According to the prospectus, Miner Technology is a leading data intelligence application software company in China. According to Frost & Sullivan, based on total revenue in 2023, Miner Technology is the largest provider of data intelligence application software in China. Leveraging its core technology and industry insights, the company offers data intelligence products and solutions covering marketing and operational intelligence across both online and offline scenarios. Financially, Miner Technology's adjusted net losses for 2022 to 2024 were RMB 1.099 billion, RMB 174 million, and RMB 45.113 million, respectively, with the losses continuously narrowing. In the first half of 2025, it achieved an adjusted net profit of RMB 24.873 million.
It is worth noting that Miner Technology’s market valuation has experienced significant fluctuations. During its Series E2 financing round on November 20, 2020, its valuation reached approximately USD 3.05 billion but dropped to around USD 542 million in 2023. It rebounded to USD 1.666 billion during the Series F-3 financing on January 25, 2024. Additionally, the company stated in its prospectus that it expects a substantial increase in its net loss for the full year of 2025, primarily due to increased fair value losses from preferred shares; significantly higher investments in new product development; and intensified sales and marketing efforts aimed at enhancing brand awareness and market penetration.
