Business
Sanergy’s 98% Market Plunge Wipes Out US$2.6B Amid Risks Highlighted by Hong Kong Regulator: The Roller-Coaster Ride of Concentrated Ownership
Sanergy experiences a massive 98% crash, eliminating US$2.6 billion from the value of a Chinese graphite company
The Hong Kong regulator's caution about the risks of concentrated ownership prompts a massive sell-off in a stock that had previously soared by 400 per cent in the past three months.
Sanergy Group, a company that manufactures graphite products, plummeted by 98% following a cautionary notice from Hong Kong's securities regulator. The regulator urged investors to refrain from trading the company's stock due to its extremely concentrated ownership.
The severe drop persists in a tumultuous journey for the stock, which had soared over 400 per cent in the span of three months leading up to mid-August. This erratic fluctuation highlights the hazards associated with a range of small-cap stocks trading in the city. These are currently under closer examination by regulatory authorities as they strive to eliminate wrongdoing and safeguard investor trust.
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