HK Stock Market Move | RIVERINE CHINA (01417) plummets over 20%, pointed out for its highly concentrated shareholding. In the previous three months, the stock price surged 36 times.

RIVERINE CHINA (01417) fell over 20%, closing at HKD 7.48 on August 31, which is up 3640% compared to the closing price on May 12 this year. As of the time of writing, it has dropped 22.5%, trading at HKD 5.2, with a transaction volume of HKD 9.703 million. In terms of news, the Hong Kong Securities and Futures Commission (SFC) stated that it recently conducted an inquiry into the share distribution of RIVERINE CHINA. The results revealed that on August 14, 20 shareholders collectively held 62,421,000 shares, representing 15.41% of the company's issued share capital. The inquiry also showed that on August 14, there were 11.7 million shares (accounting for 2.89% of the issued share capital) recorded in the company's Hong Kong shareholder register as being held by Hong Kong Central Clearing and Settlement System (CCASS) as an agent, but these shares were not held in the Central Clearing and Settlement System. The aforementioned shares, along with approximately 300 million shares held by two major shareholders (accounting for 74.12% of the issued share capital), contribute to a total of 92.42% of the company's issued share capital being highly concentrated. Therefore, only 30,699,800 shares (accounting for 7.58% of the issued share capital) are held by other shareholders. The SFC indicated that due to the high concentration of shares among a small number of shareholders, the stock price may fluctuate significantly even with a small volume of trades.