Understanding the Market | HSSP INTL fell over 55% in the late trading session, recently experiencing a shift in positions, previously named by regulators for concentrated shareholding
HSSP INTL's stock price rose by 36% in early trading but the decline expanded to 55.13% by the end of the day, closing at HKD 3.72, with a trading volume of HKD 89.4339 million and an intraday fluctuation of nearly 95%. Recently, shareholders transferred their stocks to FaLi Securities, with a market value of HKD 340 million, accounting for 20.09%. In addition, the company signed an agreement with COTY to establish a joint venture in the UAE to promote its e-cigarette business and proposed to rename itself as East Nova Holdings Limited
According to Zhitong Finance APP, HSSP INTL (03626) surged over 36% in early trading, but the stock price continued to decline afterward, with the drop expanding to over 55% by the end of the session. As of the time of writing, it has fallen by 55.13%, trading at HKD 3.72, with a transaction volume of HKD 89.4339 million and an intraday fluctuation of nearly 95%.
On the news front, the latest data from the Hong Kong Stock Exchange shows that on October 22, HSSP INTL shareholders transferred their shares from First Shanghai Securities to Fai Lee Securities, with a transfer market value of HKD 340 million, accounting for 20.09%. It is reported that in July of this year, the Hong Kong Securities and Futures Commission inquired about the company's equity distribution, and the inquiry results showed that only 9.87% of the company's issued shares are held by other shareholders.
In addition, the company recently announced that its wholly-owned subsidiary, Qiming Dongfang Limited, has signed an agreement with COTY to jointly establish a joint venture in the UAE, which has been authorized to carry out the distribution business of the global e-cigarette giant, IQOS, in the Middle East. Another wholly-owned subsidiary has signed a professional service agreement with a service provider aimed at promoting the registration and import of e-cigarette products in Australia. The board of directors also proposed to rename the listed company to East Nova Holdings Limited (启明东方控股有限公司)
