Shengneng Group’s Share Price Plummets ⁢99% Amid Forced⁤ Sale‌ of⁣ 370 Million⁣ Shares

Shengneng Group’s shares experienced a significant decline of 99%​ yesterday, resulting ‌in⁣ a trading suspension. The ‌company has announced that 370 million shares, approximately‌ 36.6% ​of the total issued share​ capital, were forcibly sold ⁣by securities companies in the open market through margin ‌securities accounts on‍ September 3.

• A ⁤total of 370 million shares of Shengneng Group’s ⁣controlling shareholders were ⁤forced to be sold.
• After completion, Otautahi Capital Inc will hold⁣ 210 million shares, ⁣accounting for 21% of the issued share ⁤capital.
• The China‍ Securities Regulatory⁣ Commission pointed out the high concentration of​ shareholdings, contributing‍ to the stock ⁤price decline.

Shengneng Group (02459) ‍shares will resume trading after the forced ‌sale. The company has assured ⁣that normal business operations will continue, with no major changes in‍ business⁤ operations and financial conditions.

The Board⁣ of Directors confirmed that the ⁢Group maintains normal⁢ business operations and that ‍there have been no major ⁢changes in business⁤ operations and financial⁣ conditions.

The China Securities Regulatory⁢ Commission has highlighted the high concentration​ of shareholdings in Shengneng​ Group, with only 98.942 million shares or 9.8% ⁣of the issued shares held by ‌other shareholders. ⁤The company’s‍ share⁣ price had ⁣risen 463%​ between⁣ May 2⁢ and ‌August 19, ‌from 3.76 yuan to 21.15 yuan.

Shengneng Group’s share price⁤ hit a low of 0.14 yuan, becoming a milli-share, ⁣before trading was suspended at‌ 2:50 pm. The transaction volume was⁢ 490 million yuan, and the market value fell to 330 ⁤million yuan.