Changes in Hong Kong stocks | White Pigeon Online (02672) once again fell by more than 11%, and its market value evaporated over HK$36 billion in the past three trading days

The Zhitong Finance App learned that White Pigeon Online (02672) once again fell by more than 11%, and its market value evaporated over HK$36 billion in the past three trading days. As of press release, it decreased by 9.14% to HK$33.22, with a turnover of HK$200 million.

According to the news, on November 11, White Pigeon staged a high flash crash online. On the same day, it plummeted by more than 72%, almost falling down from the huge increase accumulated in the previous two months. On the night the stock price plummeted, White Pigeon Online urgently issued a voluntary clarification notice stating that an unauthorized entity fraudulently used its name, brand logo, stock code, or even the name of Chairman Tu Jinbo, to be linked to an unauthorized financing platform. The company had reported related matters to the relevant departments and emphasized the normal and stable operation of the Group's business.

It is worth noting that during the IPO phase of White Pigeon Online, only 33.444 million H shares were issued, accounting for about 10.40% of the total share capital after listing. Of these, the share of the public offering was very small. The vast majority were international placements, and the two cornerstone investors subscribed for a total of 1.282 million shares. Only 20.624 million shares are actually tradable. According to the estimated issue price, the market value in circulation is only about HK$500 million; even after the first round of listing, the market value in circulation is still less than HK$3 billion. Circulating chips are scarce, which naturally amplifies the flexibility of stock price fluctuations.