HK Stock Market Move | DOBOT (02432) fell nearly 15% after being reported by United Securities for concealing massive equity disputes in its prospectus at a critical node in the "A to H" transformation.

DOBOT (02432) plunged nearly 15%, as of the time of writing, down 14.79% to HK$22.7, with a turnover of HK$104 million. On the news front, in the early morning of July 17th, Song Tao, who claimed to be a co-founder and former Executive Vice President and COO of DOBOT Technology, posted on his WeChat public account accusing DOBOT Technology and founder Liu Peichao of significant equity flaws and concealment in the A-share prospectus. According to Song Tao, all materials have been officially submitted to the Shenzhen Stock Exchange for acceptance. He stated that the prospectus is full of false statements and deliberately conceals disputes over billion-level equity ownership. Song Tao claimed to be the co-founder of DOBOT Technology 2. He mentioned that during the process of DOBOT's listing on the Hong Kong Stock Exchange, he chose to tolerate and postpone the equity dispute to prevent the closure of the company which could harm employees and investors, but now he can no longer compromise. It is worth noting that the release of the report coincides with a crucial moment for DOBOT Technology's "H return to A." On July 15th, the Shenzhen Stock Exchange announced that DOBOT Technology's GEM IPO will be submitted to the listing committee for review on July 22nd. As the first H-share to A-share case in the Guangdong-Hong Kong-Macau Greater Bay Area after the implementation of related policies for Shenzhen comprehensive reform, DOBOT Technology only took 86 days from acceptance to review.