Yankuang Energy's stock plummeted 6.15% during Monday's morning session.
The sharp decline came after the company announced plans to spin off its subsidiary, Wubo Technology, through a separate listing on the Hong Kong Stock Exchange. Yankuang Energy submitted an application to the Hong Kong bourse for the proposed spin-off, according to a filing over the weekend.
Investors reacted negatively to the corporate restructuring move, leading to significant selling pressure on the stock during intraday trading.
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