HK Stock Market Move | HUA YIN INTL H (00989) dropped more than 31% at one point, after having surged 2.6 times in the previous two days. Shareholder Meicheng was forced to sell his 100,000 shares.

HUA YIN INTL H (00989) resumed trading this morning, with a drop of more than 31% at one point during the session. It is worth noting that the stock soared for two consecutive days on May 29 and May 30, rising by 2.6 times, before briefly halting trading on the afternoon of May 30. As of the time of writing, the stock has fallen by 23.19% to 0.53 Hong Kong dollars, with a turnover of 382,900 Hong Kong dollars. In terms of news, HUA YIN INTL H issued a statement on the abnormal fluctuations in stock price and trading volume. Chairman Cui Xintong was informed that Meicheng Group had pledged 100,000 shares, which were forcibly sold on May 30. Currently, Meicheng Group's shareholding has decreased from 6.03% to 6% after the sale. Following the sale, Jia Yi, Meicheng, and Ms. Cui remain the controlling shareholders of the company. In addition, Cui Xintong resigned as executive director and chairman starting last Friday, and will now serve as authorized representative, director of several subsidiaries, and director of business development. Executive director Xu Yingchuan was appointed as acting chairman of the board, Zhao Shanneng was appointed as a non-executive director, and Wang Xueguang resigned as independent executive director.