Hong Kong-listed TRAD CHI MED (00570) experienced a dramatic 40.84% plunge in its stock price on October 21, 2024, as the company's privatization plan fell through. The failed privatization attempt was a major blow to the traditional Chinese medicine company, resulting in a sharp sell-off by investors.
The stock market in Hong Kong witnessed a broader decline on the same day, with the benchmark Hang Seng Index dropping 1.57% and the Hang Seng Tech Index shedding 2.37%. Major tech giants like Tencent (00700) and Alibaba (09988) also suffered losses, falling 2.27% and 2.69%, respectively.
Despite the overall market downturn, some sectors managed to outperform, including Silver, Housewares & Specialties, and Heavy Electrical Equipment. Additionally, stocks like China Overseas (00688), Xinyi Solar (00968), and CGN Mining (01164) saw significant gains, driven by positive news and favorable market conditions.
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