HK Stock Market Move | WAI CHUN BIOTEC(00660) falls more than 40% after disclosing new energy ambitions with stock price surging 8 times.

WAI CHUN BIOTEC (00660) fell more than 40%, with the stock surging yesterday on resumption of trading and eventually closing up over 800%. As of the time of writing, it has fallen 40.87%, closing at HK$1.36 with a turnover of HK$210.948 million. In terms of news, Wai Chun Biotec recently announced that on April 12, the company, as the lead and controlling party, signed a "New Energy Project Strategic Cooperation Memorandum" with several large Chinese state-owned enterprises, overseas well-known multinational giants, and top international financial institutions. The cooperating parties will jointly invest, develop, construct, and operate new energy projects such as wind power and CECEP Solar Energy generation globally. According to this memorandum, the cooperating parties agreed to jointly develop and implement wind power and CECEP Solar Energy generation projects in multiple countries and regions globally. The total scale of new energy projects to be developed in the Korean market alone is explicitly agreed to be not less than USD 50 billion (approximately HKD 390 billion). The target project map also covers a wide range of countries including Thailand, Indonesia, five Central Asian countries, the United States, Canada, Romania, Saudi Arabia, Zambia, and Mongolia, as well as other core and emerging markets worldwide. The group will subsequently announce projects in several countries globally, with the total project scale reaching billion-dollar levels. It is worth noting that the announcement states that this memorandum is a framework document for the cooperating parties to engage in strategic cooperation, and the implementation of specific projects will be subject to formal agreements signed by the cooperating parties that are legally binding.