The Zhitong Finance App learned that Xiying-W (00625) fell by more than 6% in early trading, to a low of HK$34.76, which is nearly 30% lower than the offering price. As of press release, it decreased by 5.67% to HK$35.28, with a turnover of HK$18.463,700.

According to the news, Xiying complied with the requirements of the quick inclusion rules and was included in the Hang Seng Composite Index and its classification index after closing on September 14. The opening took effect on September 15. However, since Xiying-W is a “same share but different rights” structure company, it will still take about 7 months before it is included in the Hong Kong Stock Connect.

Notably, Jefferies previously released a research report, which covered Xiyin for the first time and gave it a “outperforming market” rating. The target price was HK$26. The bank pointed out that Xiyin's profit relies on low-cost packages, the intensive distribution of suppliers in Guangdong, and innovative attempts by suppliers. As the cost of these advantages rises, it is expected that its returns will weaken and valuations will be under pressure; it also predicts that the company's earnings per share for the 2026 and 2027 fiscal years will be 3% and 20% lower than the market consensus, respectively.

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