HK Stock Market Move | BAIGE DIGITAL (02672) once again plunged over 11%, with market value evaporating by more than HK$36 billion over the past three trading days.

BAIGE DIGITAL (02672) once again plunged over 11%, with market value evaporating by more than HK$36 billion over the past three trading days. As of press time, it is down 9.14% at HK$33.22, with turnover of HK$200 million. On the news front, on November 11, BAIGE DIGITAL staged a high-level flash crash, plummeting over 72% that day and nearly wiping out the massive gains accumulated over the previous two months. On the night of the stock plunge, BAIGE DIGITAL urgently issued a voluntary clarification announcement stating that unauthorized entities had misappropriated its name, brand logo, stock code, and even the name of Chairman Tu Jinbo to associate with an unlicensed financing platform. The company has reported the matter to relevant authorities and emphasized that the group's business operations remain normal and stable. It is worth noting that during its IPO, BAIGE DIGITAL issued only 33,344,400 H shares, accounting for approximately 10.40% of the total share capital after listing, of which the public offering tranche was very small, with the vast majority allocated to the international placing. Two cornerstone investors subscribed for a total of 1,282,000 shares. The truly free-floating shares amounted to only 32,062,400 shares, and based on the issue price, the free-float market value was only about HK$500 million; even after the first round of gains following listing, the free-float market value remained below HK$3 billion. The scarcity of circulating shares naturally amplified the elasticity of stock price fluctuations.