$CHERY AUTO(09973.HK) rose slightly, while $Scage Future(SCAG.US) fell around seven points—these two recently listed new energy vehicle stocks moved in opposite directions. As a major automaker that just went public, Chery is relatively stable, whereas a small-cap commercial vehicle stock like $Scage Future(SCAG.US), which came from a SPAC, experiences much greater volatility. Is the market already pricing them based on fundamentals (established automaker vs. concept vehicle without mass production), or is it just liquidity trading in the early days of listing? It looks more like fundamentals are at play—the valuation of an automaker with actual deliveries and sales versus a commercial vehicle SPAC that's still just a concept will eventually diverge.