HK Stock Market Move | RONGZUN INT'L H(01780) plunges nearly 40% as controlling shareholder completes sale of 60% stake. The stock recently experienced a change in ownership.

RONGZUN INT'L H (01780) plunged nearly 40%, as of the time of writing, dropping 36.9% to HK$1.06, with a turnover of HK$132 million. In terms of news, RONGZUN INT'L H announced that, according to the terms of the placement agreement, all 372 million placement shares were successfully placed at a price of HK$0.446 per share to 12 placing agents. The 372 million placement shares represent 60% of the company's existing issued share capital. Upon completion, Kenichi Yanase and Hiroshi Kaneko will hold 93 million shares, representing 15% of the total issued share capital of the company. It is worth noting that the latest information from the Hong Kong Stock Exchange shows that on October 31, RONGZUN INT'L H shareholders transferred their shares from Prime Securities to Beta International Securities, with a transfer market value of HK$435 million, accounting for 43.81% of the total.