Hong Sheng Co. flags 20% three-day price deviation; data-center liquid cooling revenue under 4%

Hong Sheng's disclosure is a textbook mismatch between narrative and fundamentals: the stock is moving on a data-center liquid cooling theme, yet the company itself says that business is under 4% of revenue and does not materially affect performance. The real signal is the company publicly deflating its own story, which matters for anyone treating the theme as an earnings driver rather than a sentiment trade. Whether the stock continues to decouple from that disclosure is the open question.