09 Feb 2026 Intraday: 6128.HK Graphex Group HKSE -24.51% to HK$0.077 on 83.78M vol: watch support

The 6128.HK stock dropped 24.51% intraday on 09 Feb 2026, sliding to HK$0.077 on unusually heavy volume of 83,780,000 shares. This move puts Graphex Group Limited (6128.HK) on the top losers list on the HKSE as the price tests its year low of HK$0.07. Investors cited weak near-term sentiment and outsized selling against a low float. We examine drivers, valuation, technical levels and model forecasts to show where risk and recovery could lie.

Intraday price action and immediate drivers

Graphex Group Limited (6128.HK) opened at HK$0.089 and hit a day low of HK$0.076 before settling at HK$0.077, down 24.51% from the previous close of HK$0.102. Volume spiked to 83.78M, roughly 7.29x the 50-day average of 11.50M, signaling capitulation trading. The sell-off occurred without a coordinated company announcement, pointing to liquidity-driven moves and positioning unwind.

Catalysts and sector context for the drop

The basic materials sector in Hong Kong has outperformed this year, but Graphex’s industrial materials niche remains volatile. Market participants flagged stretched receivables and long sales cycles in graphite products. Weak operating cash flow metrics and a negative net income per share of -0.21 have made the stock sensitive to trading flows and headline risk.

Fundamentals, valuation and Meyka AI grade

At market cap HK$80,010,784 and EPS HK$0.20, Graphex shows a reported PE near 0.43 and a low PB of 0.09, reflecting depressed price versus book. Meyka AI rates 6128.HK with a score of 57.58 out of 100 — Grade C+, suggestion HOLD. This grade factors in S&P 500 and sector comparisons, financial growth, key metrics and analyst consensus. These grades are informational and not financial advice.

Technicals and trading levels to watch for 6128.HK stock

Momentum indicators are weak: RSI 34.23, MACD slightly negative and ADX 28.99 indicating a strong trend down. Key intraday support sits at the year low HK$0.07. Resistance cluster includes the 50-day average HK$0.25 and the 200-day average HK$0.24. Traders should note the extreme relVolume 24.29 and on‑balance volume at 64,957,511, which signal one-sided flows.

Balance sheet, cash flow and risk signals

Receivables appear elevated with days sales outstanding 717.29, while current ratio is 0.89, below 1.0. Debt to equity is 0.59, and interest coverage is negative at -4.47, underlining cash strain. Free cash flow per share is negative at -0.01. These metrics point to operational stress and crystallise short-term downside risk if sales collection does not improve.

Analyst view, forecasts and price targets for 6128.HK stock

Consensus coverage is thin and price target consensus is unavailable. Meyka AI’s forecast model projects HK$0.30 (monthly) and HK$0.34 (yearly). Near-term technical recovery would first target HK$0.25 (50-day) then HK$0.49 (year high). We present conservative intraday defensive levels at HK$0.07 support and an aggressive recovery target at HK$0.34 over 12 months, model‑based and not guaranteed.

Final Thoughts

Key takeaways on 6128.HK stock: the intraday plunge to HK$0.077 on 83.78M shares reflects liquidity-driven selling and weak operational signals. Fundamentals show stretched receivables and negative operating cash conversion, while valuation metrics such as PB 0.09 and reported PE near 0.43 reflect market discounting. Meyka AI’s forecast model projects a yearly level of HK$0.34, implying an upside of 347.68% from the current HK$0.077 price. That projection assumes material operational improvement and stronger receivables collection; forecasts are model-based projections and not guarantees. Short term, traders should respect support at HK$0.07 and intraday resistance near the 50‑day average HK$0.25. We note that liquidity and high days sales outstanding create elevated risk for shareholders and require active monitoring before scaling positions. For real-time order flow and alerts, see our Graphex page at Meyka Graphex stock page and recent market coverage on CNBC source.

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Disclaimer:

Stock markets involve risks. This content is for informational purposes only. Past performance does not guarantee future results. Meyka AI PTY LTD provides market analysis and data insights, not financial advice. Always conduct your own research and consider consulting a licensed financial advisor.