Core Viewpoint - The stock of Man Kwan Group (03390) experienced a dramatic 90% drop followed by a recovery of over 76% within a week, attracting significant market attention due to unusual trading activities and potential short-selling tactics [1][2]. Group 1: Stock Performance and Trading Activity - On April 16, Man Kwan Group's stock price plummeted 90% before recovering to close with a 76.67% increase, indicating high volatility and investor interest [1][2]. - The stock's market capitalization fluctuated between HKD 2.48 billion and HKD 4 billion over the past two years, with average daily trading volumes around HKD 1 million [4]. - A significant sell-off occurred shortly after 9:45 AM on April 16, leading to a rapid decline in stock value, with a total of 426 million shares traded in a short period [4][11]. Group 2: Short-Selling Tactics and Market Dynamics - The sharp decline in stock price was attributed to a common short-selling strategy targeting highly pledged companies, which can trigger forced liquidations when stock prices drop significantly [1][3]. - The chairman, Wang Jiajun, had pledged at least 16.12% of the company's shares, making the company vulnerable to short-selling attacks [2][3]. - Historical patterns suggest that similar tactics were used against other companies, indicating a potential trend in the market [8][9]. Group 3: Shareholder Actions and Market Implications - Major shareholders, including China Resources Pharmaceutical and Jacobson Group, confirmed they did not sell any shares during the recent volatility, suggesting that the sell-off was not driven by insider actions [6][12]. - The trading activity of brokerage firms indicated that some were actively selling shares during the downturn, with notable sell-offs from firms like Fuchang International [11]. - The future stock performance will depend on the actions of major shareholders and the overall market sentiment, particularly regarding the pledged shares and potential further buying or selling [12].
暴跌90%后再翻倍，满贯集团(03390)到底发生了什么?