Business
Crisis in the Graphite Market: Sanergy’s 98% Plunge Wipes out $2.6bn and Sparks Sell-Off, Following Hong Kong Regulator’s Warning on Ownership Concentration
Sanergy's colossal 98% collapse eradicates a staggering US$2.6 billion from the value of a Chinese graphite company. The Hong Kong regulator's caution regarding centralized ownership led to a massive sell-off in a stock that had previously surged by 400 per cent in the past three months.
Sanergy Group, a company that produces graphite products, saw a drastic 98 per cent drop in value after Hong Kong's security regulator cautioned investors about trading the company's stock due to its excessively centralized ownership.
The significant drop extends the unpredictable journey of the stock, which had soared over 400 per cent in the three months leading up to mid-August. This erratic shift highlights the dangers associated with a range of small-cap stocks being traded in the city, now under the watchful eye of regulators aiming to eliminate misconduct and safeguard investor trust.
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