This stock lost 99% of its value, and the company still hasn't said why

Dow Jones04-10

MW This stock lost 99% of its value, and the company still hasn't said why

By Steve Goldstein

You don't need to be a technical analyst to know this chart isn't good.

China Tianrui Group Cement (HK:1252) had its stock plunge 99% late on Tuesday, on no corporate news announcement whatsoever.

By Wednesday morning Hong Kong time, the company halted trading, "pending the release of an announcement in relation to inside information of the Company." The company has yet to say what that information is.

The company certainly is no bellwether, but it's not a minnow either: it lost 634 million renminbi ($88 million) on sales of 7.89 billion renminbi last year, hit hard by China's real estate downturn.

The stock had overwhelming insider ownership, of 93%, according to FactSet data, making it prone to sudden movements.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 10, 2024 07:32 ET (11:32 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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