突然，暴跌70%！

Core Viewpoint - The stock of Shankao Holdings experienced significant volatility, with a drop of over 70% following a period of substantial gains, highlighting concerns over concentrated shareholding and market reactions to company announcements [1][2][3]. Group 1: Stock Performance - Shankao Holdings' stock price surged approximately 150% over the past four months before the recent decline [1]. - From April 16, 2025, to September 1, 2025, the stock price increased by 193.6%, rising from HKD 5.82 to HKD 17.09 [4]. - As of September 17, 2025, the stock price was HKD 14.80, reflecting a 154.3% increase since April 16, 2025 [4]. Group 2: Shareholding Structure - The Hong Kong Securities and Futures Commission reported that 20 shareholders collectively hold about 1.445 billion shares, representing 24% of the issued share capital [3]. - Including two major shareholders who own 68.46%, these shareholders control a total of 92.46% of the company's shares [3]. - Only 4.54 million shares, or 7.54% of the issued share capital, are held by other shareholders, indicating a highly concentrated ownership structure [3]. Group 3: Company Actions and Market Reactions - On September 16, 2025, Shankao Holdings' stock fell by 24.22% after the company announced it was unaware of the reasons behind the stock price and trading volume fluctuations [5]. - Following the announcement of a share buyback plan, the stock price rebounded by 17.37% on September 17, 2025 [6]. - The company plans to repurchase shares at a price not exceeding HKD 17 per share, with a total buyback amount not exceeding USD 100 million [5]. Group 4: Company Overview - Shankao Holdings serves as an important overseas investment and emerging industry platform for Shandong High-Speed Group, with core business activities in industrial investment and licensed financial services [6]. - The company holds significant stakes in Shankao New Energy and Century Internet, owning 42% of the latter [6]. - Shankao Holdings is also a constituent of the Hong Kong Stock Connect and has a weight of 2.27% in the non-bank financial theme index [7].