Core Viewpoint - Hebei Construction experienced significant stock price fluctuations in February 2026, driven by technical rebounds, sector sentiment, and undervaluation recovery, while facing challenges such as declining performance and related party risks [1] Stock Performance - On February 13, 2026, Hebei Construction's stock price fell by 3.85% to close at 0.38 HKD, with a trading volume of 27,385 HKD and a turnover rate of 0.02%. On February 11, the stock had surged by 4.00%, reaching a peak of 0.43 HKD, with a volatility of 13.33% and a trading volume of 42,205 HKD. Over the last five trading days, the cumulative increase was 2.74%, but it had declined by 1.32% year-to-date, indicating significant volatility [2] Technical and Financial Indicators - As of February 13, the MACD divergence was 0.0, with a signal line at -0.003 and a histogram at 0.006, indicating weak but improving short-term momentum. The Bollinger Bands showed an upper band at 0.386 HKD, a middle band at 0.37 HKD, and a lower band at 0.353 HKD, with the current stock price near the middle band. The KDJ indicator showed K at 49.079, D at 55.39, and J at 36.457, indicating a relatively balanced zone. The stock price experienced a technical rebound after breaking through the 5-day moving average of 0.373 HKD on February 11 [3] Sector Performance - On February 11, the Hong Kong construction sector rose by 1.15%, with the Hang Seng Index increasing by 0.41%, reflecting sector-wide sentiment. Expectations of improved regulatory oversight on real estate pre-sale funds, along with supportive infrastructure investment policies, bolstered sentiment in the construction sector. However, on February 13, the sector fell by 1.44%, mirroring the broader market decline of 1.72%, with Hebei Construction's performance aligning with sector trends [4] Operational Performance - According to the mid-2025 report, the company achieved revenue of 7.908 billion RMB, a year-on-year decline of 28.21%, and a net profit attributable to shareholders of 105 million RMB, down 17.56%. The construction contracting business generated 7.616 billion RMB, accounting for 96.31% of total revenue, with building construction revenue at 4.744 billion RMB (60%) and infrastructure construction revenue at 2.218 billion RMB (28.05%). The net cash flow from operating activities was -761 million RMB, an improvement from -1.729 billion RMB in the same period last year, but still negative [5] Company Valuation - The current price-to-earnings ratio (TTM) is only 4.06 times, and the price-to-book ratio is 0.10 times, both at historical lows. Some investors may speculate on a rebound from the oversold condition, but there are concerns regarding related party risks. A report from Baoding Bank in 2025 indicated that two subsidiaries of Hebei Construction Group became defendants in a case involving 320 million RMB in loans, highlighting issues with the company's related party funding chain and risk control [6]

Group 1: Stock Price Movement - The stock price of Hebei Construction (01727.HK) experienced a notable movement on February 11, 2026, closing at HKD 0.39, up 4.00%, with an intraday high of HKD 0.43 and a volatility of 13.33% [1] Group 2: Reasons for Stock Price Movement - The stock price movement was driven by several factors, including a short-term moving average breakout, with the stock surpassing the 5-day moving average of HKD 0.373, and the MACD histogram turning positive at 0.006, indicating improved short-term momentum [2] - There was a net inflow of retail funds amounting to HKD 30,945, contributing to a 21.3% increase in trading volume compared to the previous day [2] Group 3: Industry Policy Status - The Hong Kong property construction sector showed strength, with the sector overall rising by 1.15%, while the Hang Seng Index increased by 0.41%, indicating a broad-based rally among property and construction stocks [3] - Market expectations for improved regulation of pre-sale funds in real estate, along with supportive infrastructure investment policies, bolstered sentiment in the construction sector [3] Group 4: Company Fundamentals - The company faced pressure from declining performance, with a 21% year-on-year decrease in net profit to HKD 95 million and a 28% drop in revenue to HKD 7.908 billion for the mid-2025 financial report, primarily due to reduced construction contract revenue [4] - The current price-to-earnings ratio (TTM) stands at 4.22 and the price-to-book ratio at 0.10, indicating a historically low valuation, which may attract speculative buying for a rebound [4] Group 5: Industry and Risk Analysis - There is exposure to related party risks, as a report from Baoding Bank in 2025 revealed that two subsidiaries of Hebei Construction became defendants in enforcement actions involving loans of HKD 320 million, highlighting issues with the company's related party funding and risk control [5] - The overall demand in the construction industry remains weak, with the construction sector in Hebei Province facing pressure in the first half of 2025, likely due to a slowdown in macroeconomic growth affecting new contract signings [6] Group 6: Future Development - The stock movement on February 11 was primarily driven by technical rebounds, sector sentiment, and the need for valuation recovery, but the company still faces challenges from declining performance and related party risks [7] - Investors should monitor the effectiveness of future policy implementations and the company's progress in debt management [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 河北建設集團股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01727 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 461,383,500 | RMB | | | 1 RMB | | 461,383,500 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 461,383,500 | RMB | | | 1 RMB | | 461,383,500 | | 2. 股份分類 | 普通 ...

作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 国家知识产权局信息显示，河北建设集团股份有限公司取得一项名为"基于同步提取变换的多源时频脊 线提取方法"的专利，授权公告号CN116106004B，申请日期为2021年11月。 ...

致：香港交易及結算所有限公司 公司名稱: 河北建設集團股份有限公司 呈交日期: 2026年1月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01727 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 461,383,500 | RMB | | 1 | RMB | | 461,383,500 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 461,383,500 | RMB | | 1 | RMB | | 461,383,500 | 本月底法定/註冊股本總額： ...

| 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01727 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 461,383,500 | RMB | | | 1 RMB | | 461,383,500 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 461,383,500 | RMB | | | 1 RMB | | 461,383,500 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | - | 說明 ...

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 公司名稱: 河北建設集團股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01727 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 461,383,500 | RMB | | 1 | RMB | | 461,383,500 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 461,383,500 | RMB | | | 1 RMB | | 461,383,500 | | 2. 股份分類 | ...

致：香港交易及結算所有限公司 公司名稱: 河北建設集團股份有限公司 呈交日期: 2025年10月2日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01727 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 461,383,500 | RMB | | | 1 RMB | | 461,383,500 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 461,383,500 | RMB | | | 1 RMB | | 461,383,500 | | 2. 股份分類 | 普 ...

Core Viewpoint - Hebei Construction, known as the "first stock of Xiong'an," is facing a disappointing IPO with a subscription rate of only 0.99 times, raising concerns about its market reception in Hong Kong [1][2][8]. Company Overview - Hebei Construction primarily engages in construction contracting, accounting for over 95% of its revenue, and has been recognized as a significant player in the industry, ranking 366th in the "China Top 500 Enterprises" and 20th in the "Top 80 Chinese Contractors" [3][4]. - The company has established partnerships with the Xiong'an government to develop three companies aimed at the Xiong'an New Area, indicating its strategic involvement in major regional developments [4]. Financial Performance - In the first half of 2017, Hebei Construction reported revenues of 20.218 billion RMB and a net profit of 500 million RMB, suggesting a relatively strong financial position [5]. - The company's IPO will result in a total share capital of 1.733 billion shares, with an issue price of 4.46 HKD, leading to a market capitalization of 7.73 billion HKD [7]. Market Sentiment - The Hong Kong market is characterized by a cautious approach to stock pricing, with investors often requiring tangible evidence of performance before committing [6][8]. - Despite Hebei Construction's low price-to-earnings (PE) ratio of 6.45 and price-to-book (PB) ratio of 2.65, these valuations may not attract investors in a market where lower valuations are available [7][8]. Financial Structure and Risks - The company has a high debt ratio of approximately 95%, which is likely to deter mainstream investors in the Hong Kong market [12]. - The IPO proceeds will be allocated primarily to unfinished projects and public-private partnership (PPP) projects, which are often seen as financial black holes due to their long construction periods and delayed revenue generation [14][15]. - The cash flow situation appears challenging, with significant outflows reported in the first half of 2017, indicating potential difficulties in maintaining liquidity [16].

Core Points - Hebei Construction Group Co., Ltd. has been fined a total of 1,968,178.21 yuan by the Civil Aviation Administration of China, East China Region [1] - The company was also fined 4,114 yuan by the Southwest Region Administration on September 11, 2025 [2] - Additionally, on September 8, 2025, the company faced a fine of 185,855.73 yuan for not adhering to engineering design specifications during construction [2][3] Summary by Category Fines and Penalties - The total fine imposed on Hebei Construction Group amounts to 1,968,178.21 yuan [1] - A separate fine of 4,114 yuan was issued on September 11, 2025, for unspecified reasons [2] - The company was penalized 185,855.73 yuan for failing to follow engineering design drawings on a project in Zhuji City [2][3] Company Background - Hebei Construction Group was established from the merger of two central state-owned enterprises in 1964 and was restructured into a joint-stock company in 2017, subsequently listed on the Hong Kong Stock Exchange [6]