The Zhitong Finance App learned,$WINTO GROUP (08238.HK)$Previously, it continued to rise, and the biggest increase in stock prices since May was over 900%. The stock's volume crashed in early trading. As of press release, it fell 79.95% to HK$0.76, with a turnover of HK$45,3782 million.
According to reports, Huitao Group has a high shareholding concentration. As of March 31, Lu Wenhua, the company's largest controlling shareholder, held a shareholding ratio of 61.73%. After the allotment of shares on April 3, Lu Wenhua's individual shareholding ratio dropped to 51.44%. The company has only a small amount of shares in circulation, so trading a small number of stocks can also cause the stock price to rise sharply.
The company previously announced first-quarter results. The group achieved revenue of HK$2.208 million, a year-on-year decrease of 73.69%; the company's owners should have accounted for a loss of HK$1,112 million, compared with a profit of HK$1.373 million in the same period last year. The decline in revenue was mainly due to the slowdown in the outdoor advertising business and exhibitions and related services due to the decline in demand for outdoor advertising in the Macau market.