HK Stock Market Move | JOLIMARK (02028) opened high but plummeted over 19% after previously surging more than 84%, following the announcement of a large shareholder's massive sell-off.

JOLIMARK (02028) opened today at HKD 4.255 and then plummeted rapidly, at one point dropping nearly 19% to a low of HKD 3.005. Notably, the stock surged over 84% yesterday. As of the time of this report, it has fallen by 16.22%, priced at HKD 3.1, with a trading volume of HKD 88.0279 million. In terms of news, JOLIMARK announced after market hours on September 4 that its controlling shareholder, Jiangyu Holdings (a company controlled by Chairman Ou Baixian), has entered into a placement agreement to sell no less than 120 million shares and up to 445.03 million shares of the company, accounting for approximately 51.85% of the current issued capital, which represents all of its shares held. The placement price will not be less than HKD 0.55 per share, and it is expected to be completed by September 25 at the latest; after the placement is completed, the seller will no longer hold any shares and will no longer be the controlling shareholder of the company. It is worth noting that JOLIMARK's fundamentals are quite weak, having recorded losses for eight consecutive years. In the first half of 2026, revenue was RMB 62.07 million, a year-on-year decrease of 11.66%, and the loss attributable to shareholders was RMB 24.359 million, a year-on-year decrease of 21.26%. The company stated that the main reason for the loss attributable to shareholders in the first half of the year is the lackluster demand in the printer market due to the comprehensive implementation of digital electronic invoices in mainland China, as well as the failure to achieve scale in medical products and the recognition of asset impairment.