Stock Track | Sanergy Group Shares Plunge Nearly 99% After Warning From Regulator

Stock Track09-03

Shares of Sanergy Group Ltd, a Hong Kong-listed manufacturer of graphite electrodes, experienced a staggering decline of 98.4% on Tuesday, following a warning from Hong Kong's Securities and Futures Commission (SFC) about the company's highly concentrated ownership structure.

The SFC cautioned investors that just 26 shareholders hold a combined 85.32% stake in Sanergy Group, making the stock susceptible to substantial fluctuations even with a small number of shares traded. This warning triggered a massive sell-off, causing the company's market capitalization to plummet from over HK$20.8 billion ($2.7 billion) on Monday to just HK$328 million on Tuesday.

According to filings, a New Zealand investment firm, Otautahi Capital, owns 57.67% of Sanergy Group's shares. Otautahi Capital is ultimately controlled by a trust associated with Sanergy Group board member Hou Haolong. Another 27.65% of shares are owned by just 25 shareholders, while 4.88% are held outside the Hong Kong stock market's systems, leaving only 9.8% of shares in the hands of other shareholders.

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