HK Stock Market Move | PICC Property and Casualty Company Limited (02328) falls over 4% again, company says it is verifying information about senior executives.

PICC P&C (02328) fell by over 4% again, as of the time of writing, it has fallen by 4.17% to HK$17.01, with a turnover of HK$394 million. On the news front, PICC P&C made a statement regarding the unusual fluctuations in the stock price and trading volume on December 1. The company is aware of market rumors regarding information about senior executives and is currently verifying this. At present, the reasons for the fluctuations in the stock price are not known. It is reported that on December 1, several media outlets reported that the member of the Party Committee and Vice President of the People's Insurance Group, as well as the Secretary of the Party Committee and President of PICC P&C, Yu Ze, has gone missing, suspected to have been taken away for investigation. JP Morgan released a research report stating that the president of property and casualty insurance is under investigation. Despite the seemingly unfavorable news about the management of property and casualty insurance, they believe this is not the main reason for the weakness in the stock price. Compared to the beginning of the year, the reduced attractiveness of the stock is mainly due to three factors: decreased valuation attractiveness, industry rotation trends, and higher reinvestment risk.