Tuesday, January 19, 2021
Martin Hennecke

Macau small cap dives 81pc after social media pitch
<p>Shares of Macau E&amp;M (1408), a newly listed electrical and mechanical contractor, plunged over 80 percent with a turnover of HK$125 million after the stock was recommended by market watchers through social media groups.</p><p>The shares opened 15 percent lower yesterday, then slumped as much as 88.3 percent to HK$0.51, the lowest ever.</p><p>This came after it recorded a turnover of HK$79.68 million in five minutes before the stock market closed on Wednesday, at prices between HK$4.36 and HK$4.47.</p><p>It closed 81.88 percent lower at HK$0.79.</p><p>Macau E&amp;M was &quot;strongly recommended&quot; by some groups on social media apps WeChat and WhatsApp and the shares were billed as &quot;WeChat shares&quot; by market watchers.</p><p>The Macau-based company, which made its debut in September saw its share rise from an initial public offering price of HK$1 to a peak of HK$5.5 early this month.</p><p>Among the retail shareholders on Wednesday, Kingkey Securities held 9.35 percent, down from 11.2 percent in early October, Zhongtai International Securities&#39; stake was lowered from 3.36 to 2.22 percent and Ever-Long Securities from 1.79 to 1.07 percent, data from the Central Clearing and Settlement System showed.</p>

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