The Zhitong Finance App learned that the market recently speculated on penny stocks. Today, penny stocks fell sharply across the board, with multiple stocks falling by more than 30%. As of press release, Acer Group Holdings (01718) fell 78.31% to HK$0.154; Feishang Anthracite (01738) fell 50.76% to HK$0.325; Life Concept (08056) fell 44.55% to HK$0.061; Allianz International Education Leasing (01563) fell 33.09% to HK$1.8; and Australian Energy Construction (01183) fell 30.77% to HK$0.54.
According to the news, the S&P Hong Kong GEM Index reached a record low, triggering a buzz in the market. On September 15, the S&P Hong Kong GEM Index closed at 25.3 points, a drop of 30% during the year. Currently, over 90% of GEM companies in Hong Kong have a stock price of less than HK$1, which has become a “fairy stock.” According to reports, the supervisory authorities have stated many times that they are reforming the Hong Kong Stock Enterprise Market. The Hong Kong Stock Exchange said earlier that it will consult with the public on the GEM (GEM) reform as soon as possible and set up a task force to handle GEM reviews to absorb opinions from investors and representatives of the securities industry.