(Bloomberg) -- Jiayuan International Group Ltd. shares plunged as much as 80 percent in Hong Kong on Thursday afternoon.
The property developer traded only slightly lower through the morning, before losses suddenly picked up steam at around 2:10 p.m. local time. The company has $350 million in debt due to mature today, according to data compiled by Bloomberg.
An external representative for Jiayuan said the company wouldn’t immediately comment on the moves, while a spokesman for Hong Kong Exchanges & Clearing Ltd. declined to comment.
Hong Kong-based Jiayuan also sold $400 million bonds in the fourth quarter, paying a coupon of 12 percent and which mature in October 2020.
The stock had another wild swing in December, though not to the extent of the moves seen Thursday. Jiayuan had lost 14 percent this week through Wednesday. The company held an extraordinary general meeting Tuesday that approved the allotment and issue of more than 50 million shares.
(Corrects day in first paragraph.)
--With assistance from Lianting Tu, Jeanny Yu and Benjamin Robertson.
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