HK Stock Market Move | UBOX ONLINE (02429) plummeted more than 7% in the afternoon to hit a new low. The company has suggested implementing full circulation of H shares, with over 200 million shares being unlocked recently.

UBOX ONLINE (02429) fell over 7% in the afternoon, hitting a low of HKD 3.73, setting a new low since its listing. As of the time of writing, it fell 6.47%, trading at HKD 3.76, with a turnover of HKD 36.0442 million. In terms of news, UBOX ONLINE announced that the board of directors had approved the proposal to implement the full circulation of H shares, converting 76,319,674 unlisted shares of the company into H shares. The full circulation of H shares as well as the conversion and listing will have to wait for the completion of other relevant procedures required by the China Securities Regulatory Commission, the Stock Exchange of Hong Kong, and other relevant domestic and foreign regulatory authorities. UBOX ONLINE is known as the largest operator of unmanned retail business in China. The company was listed on the Hong Kong Stock Exchange on November 3, 2023. On November 4, 2024, UBOX ONLINE celebrated its one-year anniversary of listing and the lifting of the lock-up period, with the largest shareholders and chairman, Wang Bin, former president Chen Kunrong, as well as cornerstone investors NAYUKI and Malacca, having their restricted shares unlocked, involving over 200 million shares, accounting for 27.88% of UBOX ONLINE's total share capital.