Shares of Sunco Energy Group (02459) fell more than 8%, as of the time of writing, down 3.45% to HKD 0.56, with a turnover of HKD 19.174 million.
According to the Zhitong Finance and Economics APP, shares of Sunco Energy Group (02459) fell more than 8%, as of the time of writing, down 3.45% to HKD 0.56, with a turnover of HKD 19.174 million.
In terms of news, Sunco Energy Group announced that it was informed by Otautahi Capital Inc. that a total of approximately 0.37 billion shares (approximately 36.64%) will be forcibly sold by the securities company through a margin securities account in the open market on September 3, 2024. After the forced sale, Otautahi Capital Inc.'s holdings of shares decreased to approximately 0.212 billion shares, or 21.02%.
According to reports, the Hong Kong Securities and Futures Commission previously warned that Sunco Energy Group has a highly concentrated shareholding structure. The company has a total of 25 shareholders holding approximately 0.279 billion shares (approximately 27.65%). Together with the 0.5825 billion shares (approximately 57.67%) held by a controlling shareholder, 4.88% of the equity is not registered in the CCASS system (Central Clearing and Settlement System) of the Hong Kong Stock Exchange, totaling 90.2% of Sunco Energy Group's issued share capital. The Hong Kong Securities and Futures Commission pointed out that due to the high concentration of shareholding in a small number of shareholders, even a small number of share transactions could result in significant fluctuations in the stock price of Sunco Energy Group, and shareholders and prospective investors should exercise caution when buying and selling the company's shares.