The Zhitong Finance App learned that White Pigeon Online (02672) had an intraday high of HK$150 today. It suddenly dived near 15:00, falling from HK$125.8 at 14:59 to HK$54 at 15:18. The stock price dropped in less than 20 minutes. As of press release, it decreased by 70.43% to HK$43.32, with a turnover of HK$326 million.
According to the news, White Pigeon's online stock price started on September 10 and closed at HK$32.98 on September 10. It has risen about 3.5 times to today's intraday high of HK$150. The upturn in the previous period stemmed from MaaS volume and expectations for full circulation of H shares. In the first three quarters of this year, the company's MaaS service revenue was 62.1 million yuan, an increase of 730.4% over the previous year. Furthermore, on September 29, the company announced that it plans to convert 169.66 million unlisted shares held by five domestic shareholders into H shares, accounting for about 52.91% of the issued share capital. The relevant bill was passed at the Extraordinary Shareholders' Meeting on October 16.
According to reports, White Pigeon Online landed on the Hong Kong Stock Exchange on June 29 this year. The IPO issued a total of 333.444 million H shares, accounting for about 10.40% of the total share capital after listing, including a public sale of 3.334,600 shares and an international placement of 30.98 million shares; 2 cornerstone investors subscribed to 1.282 million shares, and the actual marketable shares after listing were only about HK$500 million. After a sharp rise of 367.95% on the first day, only HK$2,341 million could drive up the stock price by about HK$2,341 million.