Market Insight | Henderson Land Development Group's stock once fell more than 30%, with a total market value of less than HKD 100 million, as its major shareholder sold 15.8 million shares

Hongji Group Holdings fell more than 30% in early trading. Last Friday, the stock price of the company plummeted by over 70%. As of the time of writing, it has dropped by 20.93% to HKD 0.68, with a turnover of HKD 6.4581 million, and the current total market value is less than HKD 100 million. In terms of news, Hongji Group Holdings announced that on April 24th and 25th, its major shareholder Xinde Li sold a total of 15.8 million shares to independent third parties, accounting for 13.72% of the company's share capital. After the sale, Xinde Li and its concerted parties will reduce their shareholding to 10.06% and continue to be the major shareholders. Apart from the sale, the Board of Directors is not aware of any reasons that have led to the recent decline in stock price and increase in trading volume