Forty out of the 50 members of the “Enigma” network at the heart of a Hong Kong market crash fell on Wednesday as a bloodbath among the city’s small caps spilled into a second day.
The selling dragged the city’s GEM index, which tracks its junior board listings, to a record low on Wednesday as Tuesday’s selling, which erased $6bn in market capitalisation and left some companies down 90 per cent, widened to include other small caps.
Tuesday’s price plunges, which happened in less than an hour, took traders by surprise.
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