Individual stocks in the Hong Kong stock market have experienced flash crashes again. On Wednesday, the stock price of Hong Kong mobile phone supplier$SPROCOMM INTEL (01401.HK)$opened with a sharp decline. As of the time of publication, the company's stock price plummeted over 88%, reporting at 1.45 Hong Kong dollars, with a trading volume of 98.6884 million Hong Kong dollars and a total market value of 1.45 billion Hong Kong dollars.

In October of this year, sprocomm intel launched a strong offensive. In nearly a month leading up to early November, the company surged over 240%, with the stock price once reaching around 14 Hong Kong dollars, setting a new high since its listing. However, it has since experienced volatile corrections, and this week has seen three consecutive days of decline, particularly severe today. It's a true reflection of "after working hard for an entire year, the stock price returns to the starting line in one day."

The sharp decline of sprocomm intel is due to the high concentration of company shares pointed out by the Hong Kong Securities and Futures Commission. It is reported that the Hong Kong Securities and Futures Commission recently inquired about the share distribution of sprocomm intel. The results show that as of November 7, 2024, 26 shareholders collectively hold approximately 0.517 billion shares of the company, accounting for 51.74% of the company's issued capital; a total of 47.604 million shares (accounting for 4.76% of the issued capital) are not held in the Central Clearing and Settlement System ("CCASS"). This shareholding, along with approximately 0.345 billion shares held by two major shareholders of the company (accounting for 34.50% of the issued capital), accounts for 91% of the company's issued capital. Therefore, the company only has 90.022 million shares (accounting for 9% of the issued capital) held by other shareholders.

About the company

Sprocomm intel is an ODM mobile phone supplier focused on emerging markets. The main business involves the research and development, design, manufacturing, and sale of mobile phones and printed circuit board assemblies for mobile phones, with products sold in more than 15 countries globally, strategically focusing on india and other emerging markets with rising demand and large populations. The clients mainly include various well-known domestic brands, mobile phone suppliers, telecom operators, and trading companies in india, thailand, china, other asian countries, and other regions around the world.