A precipitous share price fall has wiped more than $20bn off the market capitalisation of a Hong Kong horse breeding-to-wine conglomerate, one day after a similarly steep sell-off in Hanergy Thin Film.
Shares in Goldin’s two main business units fell as much as 60 per cent on Thursday, extending losses on Wednesday in a sell-off that has intensified questioning of how Hong Kong’s stock exchange is regulated.
The little-known Goldin Financial and Goldin Properties had previously enjoyed a meteoric rise on Hong Kong’s market. Goldin Financial rose 356 per cent in 2015 alone to a peak last Friday. Its peak market capitalisation was $30.8bn — or $258m for each of its 116 employees at the end of 2014.
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