Sanergy’s 98% meltdown wipes out US$2.6 billion of Chinese graphite firm’s value

Quick Summary:

Hong Kong regulator’s warning of concentrated ownership triggers a sell-off in the Chinese firm’s stock, which had jumped 400 per cent in the last few months.

The wild swing underscores the risks posed by a swathe of small-capitalisation stocks trading in the city, which are now facing increased scrutiny from regulators as they seek to eradicate malfeasance and protect investor confidence.

The Hang Seng Index fell 0.4 per cent.

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Article Details

Author / Journalist: Zhang Shidong

Category: Business

Markets: Hong Kong

Topics: Wipes Shares Securities Stock Investors Trading Sanergy’s Meltdown Group Us$2 Cent

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-03 @ 15:08:06 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 230 words

Reading Time: 2 minutes read

Sentences: 8 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22343716

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