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Some stocks sink 70%...

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  1. #1

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    Some stocks sink 70%...

    Was wondering what caused the drop between this morning session and the close..

    10 companies down 20%+ and 2 down 70%ish.

    Jiayuan International Group Ltd., Sunshine 100 China Holdings Ltd. and Rentian Technology Holdings Ltd. fell more than 75 percent in a matter of minutes and at least 10 companies were 20 percent lower by the close, wiping out HK$37.4 billion ($4.8 billion) in market value. Most of that came from Jiayuan, which lost HK$26.3 billion on record volume.
    Some Hong Kong Stocks Sink 70% as Wave of Selling Hits

    https://www.bloomberg.com/news/artic...bond-comes-due
    Last edited by shri; 17-01-2019 at 04:51 PM.

  2. #2

    Jiayuan has a USD 350 million dollar bond issue maturing today - presumably the market is suggesting they are going to default.

    JIAYUAN INTL Collapses 80%; Maturity of US$350M Bonds TodayAASTOCKS Financial News - Top News


  3. #3

    And now reported that they have settled the bond repayments in full: JIAYUAN INTL: US$350M Senior Notes Settled In Full AASTOCKS Financial News - Top News


  4. #4

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    another enigma network?


  5. #5

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    They're all an enigma...


  6. #6

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    Company Chairman, Wife Cut Stake as Hong Kong Stock Plunged 89%

    Shum Tin Ching and his wife Wang Xinmei sold 93.6 million shares of Jiayuan International Group Ltd. on Jan. 17 at an average of HK$2.7611 apiece -- about a 79 percent discount from the previous day’s close -- according to a Hong Kong exchange filing. That reduced their shareholding to 53.92 percent from 57.65 percent. Their trades made up about a quarter of the entire volume in the stock for that day, according to data compiled by Bloomberg.


    Jiayuan tumbled as much as 24 percent before shares were suspended. Stocks that plunged last week with Jiayuan also sank, with Sunshine 100 China Holdings Ltd. falling as much as 13 percent and Rentian Technology Holdings Ltd. retreating 9.1 percent.
    https://www.bloomberg.com/news/artic...-cutting-stake
    Last edited by shri; 22-01-2019 at 05:52 PM.