Hong Kong Stock Market News | GOGOX drops more than 4%, Alibaba reduces its holdings by 3.1 million shares, with a total market value of less than HKD 300 million.
GOGOX fell more than 4% and as of the time of writing, it dropped 3.06% to HKD 0.475, with a turnover of HKD 1.044 million. The current total market value is less than HKD 300 million, evaporating over HKD 10 billion in market value since its initial listing in 2022. According to data from the Hong Kong Stock Exchange, Alibaba sold 3.1 million shares of GOGOX at an average price of HKD 0.6410 per share on January 9, 2024, reducing its stake from 7.28% to 6.79%. It is reported that Alibaba has reduced its holdings of GOGOX shares six times since November 6, 2023. Industry insiders previously pointed out that the frequent reduction in holdings by BABA-SWR may be due to its lack of confidence in GOGOX. Specifically, Alibaba's reduction in GOGOX holdings should be based on concerns about the latter's development prospects, coupled with the current strategic adjustment of BABA-SWR, which will focus more on promising investment businesses, and the pace of reduction should accelerate in the future.
Zhitong App learned that GOGOX (02246) fell more than 4%. As of the time of writing, it has dropped by 3.06% to HKD 0.475, with a turnover of HKD 1.044 million. The current total market value is less than HKD 300 million, evaporating over HKD 10 billion in market value since its listing in 2022.
On the news front, data from the Hong Kong Stock Exchange shows that Alibaba sold 3.1 million shares of GOGOX at an average price of HKD 0.6410 per share on January 9, 2024, reducing its stake from 7.28% to 6.79%. It is reported that Alibaba has reduced its holdings of GOGOX shares six times since November 6, 2023.
Industry insiders previously pointed out that the frequent reduction of holdings by BABA-SWR may be due to its lack of confidence in GOGOX. Specifically, Alibaba's reduction of GOGOX should be based on concerns about the latter's development prospects, coupled with the current strategic adjustment of BABA-SWR, which will focus more on promising investment businesses. It is expected that the pace of reduction will accelerate in the future.