HK Stock Market Move | SPROCOMM INTEL (01401) plunged more than 90%, Hong Kong Securities and Futures Commission singled out the company for its highly concentrated ownership, with shareholders reducing their holdings multiple times previously.

SPROCOMM INTEL (01401) plummeted more than 90% in the early session, as of the time of writing, it has fallen by 90.37%, to 1.2 Hong Kong dollars, with a trading volume of 4.0777 million Hong Kong dollars. On the news front, the Hong Kong Securities and Futures Commission recently conducted an investigation into the ownership structure of SPROCOMM INTEL. The investigation showed that on November 7, 2024, there were 26 shareholders collectively holding about 517 million shares of the company, equivalent to 51.74% of the company's issued share capital; a total of 47.604 million shares of the company (accounting for 4.76% of the issued share capital) were not deposited in CCASS; these shares, together with the approximately 345 million shares held by the company's two major shareholders, accounted for 91% of the company's issued share capital. Therefore, only 90.022 million shares (9% of the issued share capital) were held by other shareholders. Earlier in the article "Shareholders repeatedly reduce their holdings, SPROCOMM INTEL (01401) stages a 'crazy January'?", it was pointed out that the company's controlling shareholders have repeatedly sold large amounts of shares. On September 13, the controlling shareholder SuperNew Limited reduced its holdings of 165 million shares of the company, and on the 27th, it was again reduced by 165 million shares by the controlling shareholder Lijian. After the reduction, the number of shares held by Lijian decreased from 370 million shares (representing approximately 37.0% of the total issued share capital of the company) to 205 million shares (representing approximately 20.5% of the total issued share capital of the company).