Glonghui, April 23 | Jiayi Holdings (1025.HK) crashed in the morning. At one point, it plummeted 67.89% to HK$0.07. The stock price hit a record low. At one point, the market value was only HK$58 million. The company issued an announcement stating that it did not know the reason for the stock price fluctuation. According to the announcement, the company noticed unusual fluctuations in stock prices and trading volume recently, and confirmed after making reasonable inquiries, that it was unaware of any reason for the fluctuation in stock prices and trading volume, or any information that must be disclosed to avoid false markets in the company's securities, or any insider information required to be disclosed in accordance with the Securities and Futures Regulations. The company also confirmed that there have been no significant changes in business operations. Jiayi Holdings is an investment holding company mainly engaged in the manufacture and trading of ready-to-wear products. It is mainly engaged in the manufacture and sale of bridesmaid dresses. Notably, the company was named by the Hong Kong Securities Regulatory Commission after less than a month of listing. The Hong Kong Securities Regulatory Commission indicates that its shares are highly concentrated. After investigation, it was discovered that on the third trading day of listing, 15 investors held a total of 11% of the shares, taking into account the 2 major shareholders and 3 underlying investors. The total shareholding volume reached 93%, which meant that the street goods held by other investors were only 3.592 million shares or 7%.