HK Stock Market Move | CHINA HK POWER (00931) fell more than 17% yesterday after surging 55% on high trading volume. The company stated that negotiations for potential investments are still ongoing.

CHINA HK POWER (00931) fell more than 17%, soared more than 55% on heavy volume yesterday. As of the time of publication, it fell by 17.91% to HK$0.55, with a turnover of HK$82.17 million. On the news front, CHINA HK POWER recently announced that it noticed fluctuations in the share price and trading volume on October 20. After making a reasonable inquiry into the relevant circumstances, the Board of Directors confirmed that they were not aware of any reasons that caused such fluctuations in price and trading volume, or any insider information that should be disclosed under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The Board also confirmed that the group's business operations are normal and there have been no significant changes in operating and financial conditions. In addition, the Board issued a business update, stating that the group has been in discussions on acquiring a very significant liquefied natural gas project since May 1 this year. They signed a confidentiality agreement with a liquefied natural gas user company on September 12. Furthermore, the group signed a confidentiality agreement with an international financial institution on July 1, followed by a Memorandum of Understanding on August 1 to seek financing support for the aforementioned liquefied natural gas project. As of the announcement date, the negotiations for the potential investment are still ongoing, with the terms and details yet to be finalized, and no binding agreements have been reached on the potential investment.