HK Stock Market Move | Shanghai Electric Group (02727) plunged by over 20%, with a significantly higher than industry average price-earnings ratio. The company recently acquired Fanuc Siasun Robot & Automation.

Shanghai Electric Group (02727) fell more than 20% during trading hours, closing down 10.39% at HK$3.71 with a turnover of HK$1.979 billion. On the news front, on November 6th, Shanghai Electric Group Co., Ltd. announced abnormal stock trading fluctuations. The company's A-share stock prices had deviated by more than 20% for three consecutive trading days on November 4th, 5th, and 6th. The closing price on November 6th had increased by 138.50% compared to October 18th, posing a risk of a decline after a significant short-term increase. As of November 6th, the company's A-share stock price-earnings ratio was 588.98, significantly higher than the industry average. It is reported that Shanghai Electric Group recently announced a cash acquisition of 100% equity in NingSheng Industry from its controlling shareholder Shanghai Electric Group, with a transaction price of 3.082 billion yuan. The core asset under NingSheng Industry is Shanghai Fanuc Siasun Robot & Automation Co., Ltd. CITIC SEC pointed out that with the continuous release of new Siasun Robot & Automation products by technology companies, the development of the Siasun Robot & Automation industry is accelerating. Therefore, CITIC SEC recommended that investors pay attention to companies providing machinery and components in the Siasun Robot & Automation field.