RADIANCE HLDGS (09993.HK) plummeted 5.88% intraday, reflecting the continued unwinding of a prior speculative rally that had driven the stock higher after it hit record lows.

The decline comes as China's real estate sector shows continued weakness, with January-to-April national real estate development investment falling 13.7% year-on-year and April home prices declining 3.5% year-on-year, indicating an expansion in the pace of decline. Resident medium-to-long-term loans decreased significantly in April, pointing to severely depressed homebuying demand despite policy easing efforts.

Company-specific factors also contributed to the selloff, with the former auditor resigning and issuing a disclaimer of opinion regarding the company's going-concern ability. RADIANCE HLDGS reported a full-year net loss of RMB 7.939 billion with elevated debt levels, reinforcing that the current price retreat reflects speculative capital withdrawal rather than any new fundamental deterioration.