Core Viewpoint - Jiufang Zhitu Holdings (09636.HK) has faced significant stock price declines and investor dissatisfaction due to controversial stock recommendation practices, leading to a total market value loss of approximately 2.9 billion HKD over two days [1][2]. Group 1: Stock Performance and Investor Sentiment - Jiufang Zhitu Holdings' stock closed at 45.50 HKD, down 4.25%, with a total decline of 4.18 HKD the previous day [1]. - The company has seen a total market value decrease of 29.04 billion HKD over two days [1]. - A report indicated that nearly 52% of the recommended stocks resulted in losses for investors, with some stocks dropping nearly 17% without any advisory from the investment consultants [1]. Group 2: Company Background and Controversies - Jiufang Zhitu Holdings was founded by Chen Wenbin, who previously faced controversies with Yinke Holdings related to commodity trading irregularities [2]. - The business practices of Jiufang Zhitu have drawn parallels to past controversies involving Yinke Holdings, particularly in terms of high leverage and frequent trading that amplified investor losses [2]. - Despite presenting itself as compliant, Jiufang Zhitu's marketing strategies and high-priced membership services have been criticized for resembling past practices that led to investor exploitation [2]. Group 3: Recent Financial Activities - On July 16, 2023, Jiufang Zhitu announced a share placement agreement to sell 20 million shares at 39.25 HKD each, which represents about 4.46% of the existing share capital [3]. - The estimated net proceeds of approximately 746 million HKD from this placement are intended for developing on-chain financial resources and strategic investments in digital asset services [3]. - The company completed the share placement on July 18, 2023, successfully selling the shares to independent third parties [4]. Group 4: Regulatory Issues - The China Securities Regulatory Commission (CSRC) has imposed corrective measures on Shanghai Jiufang Yun Intelligent Technology Co., Ltd. for providing investment advice without proper registration and for misleading marketing content [6][7]. - The company has been found to have employees offering investment advice without being registered as securities investment advisors, violating regulatory provisions [6].
九方智投两日市值蒸发29亿港元 未回应半数荐股浮亏