POLY PROPERTY (00119) surged 19% on heavy volume last Friday but dropped over 9% in early trading today. As of press time, the stock was down 8.67% to HK$1.79, with turnover reaching HK$49.19 million.
On the news front, POLY PROPERTY issued an announcement disclosing that it was aware of the recent increase in the company's share price and trading volume. After making inquiries regarding the relevant circumstances and company information, the company confirmed that it was not aware of any reasons causing the price and volume fluctuations, nor any information that must be disclosed to avoid creating a false market in the company's securities. The company also advised shareholders and potential investors not to rely on relevant market rumors.
Previously, market rumors suggested that Poly Developments And Holdings Group Co.,Ltd. becoming a first-tier subsidiary of Poly Group could be a prelude to integration with POLY PROPERTY. Related personnel from Poly Developments told media that the company's equity adjustment was mainly in response to requirements for reducing corporate hierarchy levels, with no changes to other structural or management arrangements. Poly Developments has always been a major subsidiary of Poly Group and has been directly managed by the group.