Leqiang Logistics (02490) fell another 15% in intraday trading and hit a low of HKD 25, down more than 30% from its recent high of HKD 35.45. As of press time, it fell 8.33% to HKD 26.95 with a turnover of 9.0623 million HKD.
According to the Zhitongcaijing APP, Leqiang Logistics (02490) fell another 15% in intraday trading and hit a low of HKD 25, down more than 30% from its recent high of HKD 35.45. As of press time, it fell 8.33% to HKD 26.95 with a turnover of 9.0623 million HKD.
On the news front, Lecong Logistics was recently named by the Hong Kong Securities and Futures Commission for its highly concentrated equity. The results of the commission's inquiry showed that as of June 21, 2024, 18 shareholders held a total of 0.126 billion shares of the company's stock, representing 44.11% of the company's issued share capital. The relevant equity, together with the 0.159 billion shares held by the company's three controlling shareholders, accounted for 55.39% of the issued share capital, or 99.50% of the company's issued share capital. Therefore, only 1.44 million shares (0.50% of the issued share capital) are held by other shareholders. The Securities and Futures Commission pointed out that due to the highly concentrated shareholding among a small number of shareholders, even a small amount of share transactions may cause significant fluctuations in the company's share price. Shareholders and potential investors are advised to exercise caution when trading the company's shares. In addition, from a financial perspective, the company's performance is not optimistic. According to Lecong Logistics' 2023 financial report, the company achieved revenue of RMB 1.238 billion during the reporting period, a year-on-year decrease of 73.12%; the attributable net profit to the owners of the parent company was RMB 0.119 billion, a year-on-year decrease of 68.79%.
It is worth noting that Leqiang Logistics announced that, based on available information and after making all reasonable inquiries with the board of directors, the directors confirmed that as of June 21, 2024 and the date of this announcement, no less than 25% of the issued shares are held by the public, and the company has maintained an adequate public float as required under the Listing Rules of the Hong Kong Stock Exchange.