Understanding the Market | POLY PROPERTY Group falls over 9% as equity adjustments in PDH trigger merger rumors; POLY PROPERTY issues an urgent clarification announcement
POLY PROPERTY Group surged 19% last Friday, and today in the morning session, it fell over 9%. As of the time of writing, it has dropped 8.67%, trading at HKD 1.79, with a transaction volume of HKD 49.1869 million. On the news front, POLY PROPERTY announced that it is aware of the recent increase in the company's share price and trading volume. After inquiring about the relevant circumstances regarding the company information, it confirmed that it is not aware of any reasons that could have caused the fluctuations in price and trading volume, nor any information that must be disclosed to avoid creating a false market for the company's securities. At the same time, it advises shareholders and potential investors not to rely on market rumors. It is reported that there were rumors in the market that POLY Development has become a first-level subsidiary of POLY Group, or that it is a prelude to the integration with POLY PROPERTY. Relevant personnel from POLY Development stated to the media that the company's equity adjustment is mainly in response to the requirements for reducing the legal entity level, and that there are no changes in other structures, management arrangements, etc. POLY Development has always been a major subsidiary of POLY Group and is directly managed by the Group
According to Zhitong Finance APP, Poly Property Group (00119) surged 19% last Friday with high trading volume, and today in the morning session, it fell over 9%. As of the time of writing, it has dropped 8.67%, trading at HKD 1.79, with a transaction volume of HKD 49.1869 million.
On the news front, Poly Property announced that it is aware of the recent rise in the company's share price and trading volume. After inquiring about relevant company information under these circumstances, it confirmed that it is not aware of any reasons that could have caused the fluctuations in price and trading volume, nor any information that must be disclosed to prevent the company's securities from creating a false market. It also advised shareholders and potential investors not to rely on related market rumors.
It is reported that there were rumors in the market that Poly Development has become a first-level subsidiary of Poly Group, which may be a prelude to the integration with Poly Property. Relevant personnel from Poly Development stated to the media that the company's equity is being adjusted mainly in response to the requirements for reducing the legal entity level, and that there are no changes to other structures, management arrangements, etc. Poly Development has always been a major subsidiary of Poly Group and is directly managed by the group
