Quantgroup drops most on record, says AI technologies not yet contributing
BUZZ-Quantgroup drops most on record, says AI technologies not yet contributing ** Shares of online marketplaces operator Quantgroup 2685.HK drop 17.1% to HK$19.60, set for their biggest one-day pct decline since debut on November 27
** Stock soared 111.3% on Thursday
** Company said it has advanced validation of AI technologies in catering consumption scenarios but the relevant validations remain at R&D stage with no definitive commercialisation timetable
** "It is not expected to have any material impact on the Group's revenue or business structure at the current stage" - co
** Quantgroup also said its unit entered into strategic cooperation agreement with Tungkong Inc's 002117.SZ subsidiary to develop robots for use in home services, commercial and automobile showrooms
** Tungkong shares gain 1.7%
** YTD, Quantgroup stock down 25.5%, Hang Seng TECH Index .HSTECH down 10.9%
(Reporting by Donny Kwok)
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