(Bloomberg) -- Chinese developer Fullsun International Holdings Group Co. Ltd. plunged by a record in Hong Kong trading.
The stock sank 62% to an all-time low, with 440 million shares changing hands. The company said in a brief exchange filing shortly before midday its board wasn’t aware of any reasons for the stock slump, while its operations remain normal.
Shares started to slump Wednesday afternoon, closing down 34%.
The plunge has left Fullsun with a HK$1.08 billion ($138 million) market cap while Thursday’s trading volume equaled 10% of the company’s public float. Overall, it has 11.4 billion shares outstanding.
Fullsun, before a December 2017 takeover, was known as U-Right and involved in garment wholesaling and retailing. With a name change and divestment of that business, the firm went into property development. Shares by March 2018 got as high as HK$1.87 before starting a steady slide.
A floor was finally reached six months ago around HK$0.50. But a fresh breakdown started in September and accelerated as October arrived. Shares have fallen all six trading days so far this month.
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