Hong Kong Stock Market Anomaly | Sunac China plunges in the afternoon, with a sharp drop of over 85% during trading, causing its total market value to fall below HKD 50 million
Xinji Shaxi plunged in the afternoon, with a sharp drop of over 85% during the trading session, hitting a low of 0.029 Hong Kong dollars, setting a new historical low. As of the time of writing, it has dropped by 84.4% to 0.034 Hong Kong dollars, with a trading volume of 4.107 million Hong Kong dollars, and the total market value falling below 50 million Hong Kong dollars. On the news front, Xinji Shaxi previously announced its annual performance, with a group revenue of 273 million yuan, a year-on-year decrease of 8.39%; a net loss of 80.267 million yuan, a year-on-year narrowing of 52.06%. The announcement stated that the reduction in losses in 2023 was mainly due to the decrease in fair value losses of investment properties held by the group this year. Zhixun Finance pointed out in "Hong Kong Stock Market Shockingly Plunges to Zero at the End of the Day, China Tianrui Cement Stock Price Plummets by 99%! What Happened?" that three stocks jointly plummeted at the end of trading yesterday. China Tianrui Cement suffered the deepest decline, reaching 99.04%, while Haosen Financial and Shengneng Group fell by 90.96% and 49.88% respectively. Zhixun Finance APP warned that due to the prevalence of years of fraudulent culture in the Hong Kong stock market, many seemingly unrelated stocks are actually connected in some way, and once one of these related stocks encounters a problem, it will affect a large number of stocks, leading to a chain reaction
According to the Wise Finance APP, Xinji Shaxi (03603) experienced a sharp decline in the afternoon, with a sudden drop of over 85% during the trading session, hitting a low of HKD 0.029, setting a new historical low. As of the time of writing, it has dropped by 84.4% to HKD 0.034, with a trading volume of HKD 4.107 million, and the total market value falling below HKD 50 million.
On the news front, Xinji Shaxi previously released its annual performance, with a group revenue of RMB 273 million, a year-on-year decrease of 8.39%; a net loss of RMB 80.267 million, a year-on-year narrowing of 52.06%. The announcement stated that the reduction in losses in 2023 was mainly attributed to the decrease in fair value losses of investment properties held by the group this year.
Wise Finance pointed out in "Hong Kong Stocks Plunge to Zero at the End of the Day: What Happened to China Tianrui Cement (01252) with a 99% Drop?" that three stocks collaborated in a sudden plunge at the end of trading yesterday. China Tianrui Cement suffered the deepest decline, reaching 99.04%, while Haosen Financial and Shengneng Group fell by 90.96% and 49.88% respectively. Wise Finance APP warned that due to the prevalence of years of fraudulent culture in the Hong Kong stock market, many seemingly unrelated stocks are actually connected in some way. Once one of these related stocks encounters a problem, it will affect a large number of others, leading to a chain reaction