HK Stock Market Move | GAODI HOLDINGS (01676) hits a new low with more than 30% drop. The company frequently raises funds and has a dispersed shareholding. There have been instances of changing positions and storing positions within the year.

GAODI HOLDINGS (01676) plummeted by 67% yesterday, and fell another 30% during trading today, hitting a new low of HK$0.36. As of the time of writing, it is down 29.63% to HK$0.38, with a trading volume of HK$7.8419 million. On the news front, GAODI HOLDINGS announced that a board meeting will be held on September 30 to approve the annual performance. The interim results released by the company in February showed that the group's income increased to approximately 196 million yuan during the reporting period, driven by the recovery of the group's food business, a year-on-year increase of 60.93%. It is reported that China Shenghai Group announced in March this year that its stock abbreviation had been changed to "GAODI HOLDINGS". In the article "Suspicions of GAODI HOLDINGS (01676) Collapse", it pointed out that GAODI HOLDINGS completed two refinancing transactions at the end of last year and in August this year, raising over HK$57 million. The company's frequent refinancing may be related to its consecutive annual losses and financial shortages. In addition, on July 29, GAODI HOLDINGS announced that Hu Hongchu resigned as chairman of the board and executive director of the company, and the successor was Li Tingfeng, the company's CEO, who was 33 years old at the time. It is worth noting that GAODI HOLDINGS also had frequent transferring and depositing activities in April and August of this year, which may be a prelude to major shareholders unloading their shares. For example, on August 9th, there was a transfer of shares, transferring out to Zhongtai International Securities and transferring in to HSBC Shanghai Banking Corporation, with a transfer percentage of 3.86%; seven days later, there was a deposit of shares with a deposit percentage of 6.95, deposited with Zhongtai International Securities.