Following Huishan Dairy , Hong Kong stocks have another sharp drop in stocks today.
Today, China Financial Holdings' half-hour plunged fell by more than 85% and became a fairy stock, reaching 0.019 yuan in nearly 10 points, hitting a record low of at least 3 years. In the afternoon, large orders appeared to buy at the bottom, and the stock price decline narrowed. As of the close, China Financial Holdings fell 57.48% to 0.054 yuan, with a turnover of 624 million yuan, a trading volume of 12.036 billion shares, and a stock price amplitude of 85.53% throughout the day. The dive has not been shorted by Muddy Waters but is comparable to Huishan Dairy. What's wrong with China Financial Holdings?
In terms of trading volume, its total number of shares is 9.6 billion shares, and the closing transaction reached 12.036 billion shares. This is a position washing behavior caused by a large sell-off.
When the intraday plummeted, China Financial Holdings' largest joint broker, , Changjiang Securities , sold a large amount of goods, selling 60.32 million shares, with a net sale of HK$1.92 million, accounting for 4.01% of the total transactions; Zhongtai Securities, as its third largest joint broker, sold 64.4 million shares, involving HK$1.86 million, accounting for 3.89% of the total transactions. Although the real reason for the plunge in
is unknown, Bei Bei found that his performance was really shocking after reviewing his financial statements. As of the end of 2016, China Financial Holdings had total assets of HK$480.142 million, and 's total liabilities were HK$2124.035 million, with turnover of HK$93.292 million and net profit of HK$521 million, a year-on-year decrease of 1128.11%.
China Financial Holdings was originally named "Congyu Agriculture". Its main business was planting, processing and agricultural product trading. Since 2016, it has carried out money lending and Internet financing business. Turning from agriculture to finance, profitability worsened. A financial situation like
is really not better than Huishan Dairy...
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