According to Futu News on June 23, after Ruiqiang Group plunged 60% on June 11, Hong Kong stocks flashed again today, with LinkedIn Financial plunging 74% in 11 minutes, and then the decline continued to expand. As of press release, it is now down 80% at HK $0.044, with a temporary turnover of HK $61.0132 million, with a total market capitalization of HK $57.7 million.

It is worth noting that the stock rose as much as 83% in the four trading days before the crash.

LinkedIn is mainly engaged in financial services business, trading business (including the sale of multi-brand milk powder products to Hong Kong customers), and information technology business.

On June 22, LinkedIn issued an announcement that the company issued about 1.0488 billion rights issue shares at HK $0.11 per share on a "1 / 4" basis, accounting for 400 per cent of the existing issued shares before the relevant shares were issued, a 45 per cent discount to the previous business day's closing price of HK $0.20 per share.

It is worth noting that Hong Kong stocks often have flash failures of penny stocks. According to the performance of Ruiqiang Group after the recent collapse, Ruiqiang Group has fallen 17% in the eight trading days after the collapse.

In addition, on May 22, Weiliang Holdings fell 85%, but in the following 22 trading days, Weiliang Holdings fell 62%.

Industry insiders believe that the phenomenon of sharp rises and falls in Hong Kong stocks is more common, and investors should pay attention to the risks so as not to suffer heavy losses.