A Hong Kong stock just plunged 76% in 30 minutes
Another Hong Kong stock just plunged, shedding 76% of its value in 30 minutes of trading.
China First Capital Group, an investment group that focuses on educational services across China and Singapore, plummeted a total of 78% on Wednesday before trading was suspended at 11:15 a.m. local time, not even making it to the lunch break. of trading, wiping more than $5.8 billion from its market capitalization before trading was suspended., the stock swings in Hong Kong are shining a light on corporate governance practices within the city.
Bloomberg said this can "lead to a domino effect when companies are connected by investors or business lines, and it's not always clear under Hong Kong's disclosure rules when a stake has been pledged." CFCG is smaller than ArtGo, with a market cap of $2.26 billion HKD versus ArtGo's market cap of $5.8 billion prior to its fall. ArtGo had been the best performing stock in the world this year with a 3,800% gain, making its 98% fall even more dramatic.
On Tuesday, it looked like the Hong Kong Stock Exchange's fortunes started to turn around after a poor few months. Protests within the city delayed Alibaba's IPO earlier this year, and the exchange's
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