The Zhitong Finance App learned that Yuejiang (02432) plummeted by nearly 15%. As of press release, it fell 14.79% to HK$22.7, with a turnover of HK$104 million.
According to the news, in the early morning of July 17, Song Tao, who claims to be the co-founder, former executive vice president and COO of Yuejiang Technology, posted an article on his WeChat account saying that Yuejiang Technology and founder Liu Peichao had major equity flaws and concealment in the A-share prospectus, and that all materials had been officially submitted to the Shenzhen Stock Exchange for acceptance. According to the article, the entire prospectus misrepresented and deliberately covered up hundreds of millions of shareholding disputes. According to Song Tao, he is the co-founder of Yuejiang Technology No. 2. Song Tao said that previously, when Vietnam promoted the Hong Kong stock listing stage, he chose to concede the equity dispute in order to avoid the company going out of business and dragging down many employees and investors, but now he is unable to continue making concessions.
It is worth noting that the publication of the report coincided with a critical point of “H back to A” for Yuejiang Technology. On July 15, the Shenzhen Stock Exchange announced that the Yuejiang Technology GEM IPO will be submitted to the Listing Committee for review on July 22. As the first H share return case in the Guangdong-Hong Kong-Macao Greater Bay Area after the implementation of policies related to the Shenzhen Comprehensive Reform Pilot, Yuejiang Technology only took 86 days from acceptance to approval.