The stock of a Chinese cement maker nosedived by 99% in just minutes, erasing nearly $1.8 billion in market value. The majority ownership of the stock, around 70%, was concentrated in the hands of a single controlling shareholder and their spouse.
Trading of China Tianrui Cement in Hong Kong was halted on Wednesday due to pending announcement of inside information. Additionally, Haosen Fintech experienced a 91% decrease in its stock value.
Before experiencing a 76% decline, trading of the Hong Kong penny stock Xinji Shaxi was suspended.
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