HK bourse sees 3 stocks sink in 2 days
Print Edition
TWO of Hong Kong’s best-performing stocks plunged over 40 percent yesterday, a day after a mysterious crash of almost 50 percent in Chinese solar firm Hanergy that saw almost US$20 billion wiped off its market value.
Goldin Financial sank 43.34 percent to HK$17.48 (US$2.25) and Goldin Properties crashed 40.91 percent to HK$14.36, after soaring more than 300 percent since the start of January, according to Bloomberg News.
The drop slashed the firms’ combined market value by more than US$20 billion.
The companies, which have interests ranging from property development in China to vineyards in California and France, are owned by Chinese tycoon Pan Sutong.
The dramatic sell-off came after a 47 percent dive in Beijing-based Hanergy Thin Film Power.
Hong Kong-based analyst Castor Pang, head of research at Core Pacific-Yamaichi International, said the collapse of three stocks within two days was “not a good sign” for the Hong Kong market.
“The substantial surge and crazy drop of the share price had no reason,” he said.
“If all (stocks) are in bubbles, it prevents the functioning of the market. If the situation continues, real investors may go away,” he said.
Hong Kong’s Financial Secretary John Tsang has urged investors to be wary of market fluctuations. “We can foresee after the market has accumulated some growth, it’s just a matter of time for an adjustment to happen,” he said on Monday at a financial forum.
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