Sanergy’s shares plummets 98% following a forced liquidation

The company requested a trading halt on 3 September.

HKEX-listed Sanergy announced that on 3 September, 370,082,000, or 36.64% of its shares were forcibly sold in the Hong Kong market by securities companies through margin securities accounts.

The forced sale caused the company’s shares to drop by 98%.

The forced sale followed a warning from Hong Kong's Securities and Futures Commission that 26 shareholders own 85.32% of Sanergy Group’s shares, making the stock prone to significant fluctuations with minimal trading.

The company was informed by Otautahi Capital which is controlled by Sanergy executive director Hou Haolong and a major shareholder of the company.

Otautahi Capital’s stake in the company declined to 21.02% or 212,320,000 shares from 57.7% after the forced liquidation.

The company requested a trading halt of its shares on the Hong Kong Stock Exchange (HKEX) from 3 September, 2:50 pm, pending this announcement.

Meanwhile, an application for trading resumption was made effective from 4 September, 9 am.

Sanergy advises shareholders and potential investors to exercise caution when dealing in the company's securities and, if in doubt, to seek professional advice from their financial advisors.

Also Read

InvestHK opens office in Cairo

Hong Kong investment market shows signs of rebound after US Fed rate cut

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit