https://www.bloomberg.com/news/articles/2019-12-02/chairman-offloads-stake-in-hong-kong-stock-that-plunged-78
A Hong Kong stock whose sudden crash last week fueled criticism over the city’s volatile equity market is at it again.
China First Capital Group fell as much as 26% Monday, extending its loss to 85% in the past five days. The latest drop came after Chairman Wilson Sea sold another 326.6 million shares through his company Wealth Max Holdings Ltd. on Nov. 28, according to an exchange filing released Saturday. He now owns an 8.8% stake in First Capital, down from 16% before last week.
First Capital lost as much as 78% on Nov. 27 before trading was briefly suspended. An investment company that focuses on financial and education services, First Capital was the third Hong Kong stock in less than a week to lose almost all of its value in one day. The fresh wave of declines in the city is putting the spotlight on corporate governance and cross-holding risk at the city’s listed firms.
David Adams
Article URL : https://www.bloomberg.com/news/articles/2019-12-02/chairman-offloads-stake-in-hong-kong-stock-that-plunged-78