HK Stock Market Move | POLY PROPERTY (00119) falls more than 9% now. Poly Developments and Holdings Group's equity adjustment triggers merger rumors. Poly Property issues an announcement to urgently clarify.

Poly Property (00119) surged 19% in trading volume last Friday, but fell over 9% in early trading today. As of press time, it fell 8.67% to HK$1.79, with a trading volume of HK$4918.69 million. On the news front, Poly Real Estate announced that it has noticed recent increases in the company's stock price and trading volume. After conducting an inquiry into the relevant information, it confirmed that it did not know of any reasons that could have caused the price and trading volume fluctuations, or any information that needed to be disclosed to avoid false market data. It advised shareholders and potential investors not to rely on market rumors. It was reported that there were rumors in the market that Poly Developments and Holdings Group had become a first-tier subsidiary of Poly Group, or that it was a prelude to the integration of Poly Property. A spokesperson for Poly Developments and Holdings Group told the media that the company's equity adjustment was mainly in response to requirements to reduce the corporate level, and there were no changes in other structures or management arrangements. Poly Developments and Holdings Group has always been a major subsidiary of the Poly Group, and is directly managed by the group.