Stock That Once Rose 8,500% Now Hands Loss of $3.3 Billion
- Ding Yi Feng resumes trading after being halted for 10 months
- Regulator starts proceedings over alleged market manipulation
This article is for subscribers only.
China Ding Yi Feng Holdings Ltd. plunged as much as 93% on its first day of trading after a 10-month halt, wiping away a large part of a 8,500% rally that had confounded Hong Kong investors.
The stock in the obscure investment firm, whose assets are frozen, fell HK$20.58 to HK$2.60 as of 9:44 a.m. in Hong Kong, erasing HK$25.5 billion ($3.3 billion) in market value. After an adventurous rally, regulators halted trading in March last year amid suspected market manipulation.