Shares of REFIRE (02570) plunged more than 13% on Thursday, hitting an intraday low of HK$13.75, the lowest since its listing. The company's market capitalization now stands at approximately HK$1.3 billion, having lost over 95% of its value from its historical peak. As of the time of writing, the stock was down 13.31% at HK$13.94, with trading volume reaching HK$12.4 million.

The sharp decline comes after Hang Seng Indexes Company announced its semi-annual index review results, with all changes set to take effect after market close on September 4 and become effective on September 7. The adjustments will also trigger corresponding updates to the list of eligible stocks for the Stock Connect program by the Shanghai and Shenzhen exchanges. Among the changes, 15 stocks, including REFIRE, will be removed from the Hang Seng Composite Index.

According to CICC, stocks removed from the Hang Seng Composite Index will also be correspondingly excluded from the Stock Connect program. Following the removal, Stock Connect investors will only be allowed to sell their holdings but will be unable to purchase additional shares of these stocks.