HK Stock Market Move | HAICHANG HLDG (02255) fell more than 9% at one point, with major shareholder Xiangyuan Holdings experiencing overdue redemption of financial products.

HAICHANG HLDG (02255) fell more than 9% at one point, and as of the time of writing, it has fallen by 3.85% to 0.5 Hong Kong dollars, with a turnover of 25.56 million Hong Kong dollars. On the news front, HAICHANG HLDG announced that recently, there were media reports that the company's controlling shareholder, Xiangyuan Holdings, and the company's actual controller bear joint guarantee responsibilities for financial products that have experienced partial delayed payments. The company conducted verification and self-inspection and explained that there have been instances of delayed payments in financial products issued on a platform related to the cooperation project with Xiangyuan Holdings in real estate. Xiangyuan Holdings and the company's actual controller bear joint guarantee responsibilities for the above-mentioned payment obligations, and are currently communicating with relevant parties to handle the specific situation of the delayed payments. The announcement stated that the financial products involved in this incident are unrelated to the group and its shares, and the group does not bear any payment or guarantee obligations. Currently, the group's production and operation are all normal. It is reported that on October 17 of this year, HAICHANG HLDG announced that its special authorized subscription for shares with Xiangyuan Holdings Group has been officially completed, with Xiangyuan injecting 2.295 billion Hong Kong dollars, officially becoming its controlling shareholder.