Shares of China General Education Group Limited (02175.HK) plummeted by 7.81% on Wednesday after the Hong Kong Stock Exchange (HKEX) announced disciplinary action against four of the company's directors.
In a statement, the HKEX said it had taken disciplinary proceedings against four directors of China General Education Group, a Hong Kong-listed education services provider, for alleged violations of the exchange's listing rules. However, specific details of the violations were not disclosed.
The news of regulatory action and concerns over corporate governance issues appears to have spooked investors, triggering a sell-off in the company's shares. Such disciplinary actions by the stock exchange often raise doubts about a company's management and oversight practices, leading to a erosion of investor confidence.
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