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Hong Kong’s recent mysterious US$4.8 billion stock plunge underscores risk in world’s 4th-largest equity market
Hong Kong’s second unexplained wave of stock plunges in three months shows the risks investors face in the world’s fourth-largest equities market. Ten mid- and small-cap shares plummeted as much as 81 per cent for no apparent reason Thursday, wiping out US$4.8 billion (HK$37.7 billion) of investors’ money. The firms hadn’t published news that would move markets and said they knew no reason for the drop, fuelling speculation that ranged from debt repayments to missing executives. The next day, as several of these stocks rebounded, another inexplicably tumbled. The swings should concern investors sitting in ... (full story)
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