China's Differ Group Auto drops 40% to record low on forced sale of shares

Differ Auto

05/01/2023 03:04

** Shares of Chinese online automotive e-commerce platforms
operator Differ Group Auto Ltd  6878.HK  plunge as much as 40.2%
to HK$0.128, their lowest since debut in December 2013
    ** Stock, with current market value of HK$1.1 bln ($140.72
mln), is the biggest pct decliner on the Hong Kong bourse and in
the Hang Seng Composite Index  .HSCI  
    ** Fujian-based company says 151.2 mln shares held by its
chairman Ng Chi Chung and 163.41 mln shares held by
Ng-controlled Ever Ultimate Ltd were forcibly sold in the open
market by securities companies through margin securities
accounts  urn:newsml:reuters.com:*:nFWN33O1OC
    ** Co. says Ng and Ever Ultimate hold an aggregate 888.23
mln shares, representing 12.32% of the issued share capital of
the company, immediately after the forced sale of shares
    ** The Hang Seng Commerce & Industry Index  .HSNC  jumps
2.6% and the Hang Seng Tech Index  .HSTECH  surges 2.1%
    ** The Hang Seng Composite Index  .HSCI  climbs 1.5% and the
Hang Seng Index  .HSI  rises 1.7%
($1 = 7.8172 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))