The Hong Kong Exchange flag, Chinese national flag and Hong Kong flag are hoisted outside the Hong Kong Stocks Exchange. - Reuters filepic
HONG KONG: A string of Hong Kong stocks suddenly plunged, with traders pointing to links between some of the companies and a brokerage that’s under regulatory investigation.
Seventeen firms tumbled by more than 40% at the close, losing a combined HK$47.8bil (US$6.1bil) in market value. China Jicheng Holdings Ltd., an umbrella maker, and Greater China Professional Services Ltd. sank more 90%. Lerado Financial Group Co, whose shares were halted by Hong Kong’s securities regulator this month, has previously disclosed an investment in China Jicheng and an underwriter role on a Greater China share placement in 2015.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
