Everest Medicines (HKG:1952), a biopharmaceutical company focused on developing and commercializing innovative therapies, saw its stock plummet by 5.04% during the Thursday trading session.
The significant drop in the company's share price can be attributed to a block trade conducted by its controlling shareholder, CBC Group. According to a filing with the Hong Kong bourse, CBC Group sold 17.1 million shares of Everest Medicines to international investors on Wednesday, leading to unusual price and trading volume fluctuations.
However, the company has clarified that this event does not impact its operations or financial position. CBC Group still retains over 34% ownership in Everest Medicines, and the executives did not participate in the share sale.
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