$HC GROUP(02280.HK) was a star in the era of B2B information platforms, starting around the same time as Alibaba's 1688. However, it failed to complete the transition from an information platform to a trading platform over the past decade—this is the root cause of its accumulated losses of 4.1 billion yuan. It now holds a 64.20% stake in Zhaoxin, which is aiming to list on the Beijing Stock Exchange. If the listing is successful and the results are consolidated, HC Group's book equity might see a one-time improvement, which is one of the few remaining stories it can tell.

But I don't recommend betting on it at this level. The share price of 0.169 HKD doesn't correspond to "cheap," but to a "liquidity trap"—it's easy for you to buy, but you might have to sell at a 20% to 30% discount to complete the transaction. I have a principle when looking at penny stocks: I avoid any stock with a daily turnover below 5 million HKD, and HC Group is clearly below this line.