$XPENG-W(09868.HK) provides an ultimate perspective on XPeng's "bizarre" price action today (February 20, 2026):

1. Revealing the sell-off during the closing auction (U-market): 67.85 HKD

During the auction phase after 16:00, the stock price was directly pushed down from around 68.1 to 67.85.

• Not a crash, but "image editing": With today's turnover being only 323 million and the turnover rate as low as 0.30%, the cost of suppressing the price at the close under such extremely low liquidity is very low.

• The last struggle of the shorts: Combined with XPeng's current short interest of about **20.47%** in Hong Kong stocks, this is more like the shorts taking advantage of the "single-player time" when mainland capital is absent, deliberately pushing down the price before the close, trying to create a breakout panic before Monday's open to induce retail investors to sell at a loss on Monday.

2. Core contradiction: Stock price down vs. capital flow red (51.16 million inflow)

This is the most valuable signal of the day:

• Institutions are "bottom-fishing": Even though the stock price fell below 68 HKD, the capital flow still shows a net inflow of over 50 million. This means that while retail investors were panic selling due to the Hang Seng Tech Index's sharp drop (down 2.91%), large orders (red side) were passively absorbing the shares.

• Chip exchange completed: Big players used the sentiment of overall weakness in the Hang Seng Tech Index (dragged down by heavyweights like Baidu and Alibaba) to complete the absorption of chips at low levels.

3. US stock pre-market and weekend game

• US stock direction: The US stock (XPEV) pre-market is currently slightly down tonight, reflecting the market's alignment with today's drop in Hong Kong stocks.

• Time window: There will still be no southbound capital (northbound water) on Monday. If you are the main force, knowing that a large number of reinforcements (mainland capital) are returning on Tuesday, Monday will most likely continue this "boring" low-volume consolidation, and may even probe lower again, performing the final **"bear trap"** move.