Billions of dollars were wiped off the market value of two Hong Kong companies on Thursday, marking the latest examples of spectacular wipeouts in the city’s equity market.
A lossmaking marble producer that had rallied 3,800 per cent this year saw its market capitalisation fall by HK$45bn (US$5.7bn) — a 98 per cent decline — after index compiler MSCI said it would not include the stock in its globally tracked benchmarks.
ArtGo Holdings, which recorded a net loss of almost Rmb640m ($91m) last year, had been selected for inclusion in the MSCI China index on November 7. That prompted the company’s share price to more than double in little over a week as investors snapped up the stock ahead of its scheduled inclusion.
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