SMOORE INTL shares plummeted 6.16% in the intraday trading session on Friday, as the stock faced heavy selling pressure following a sharp rally in the previous session.

The decline came as investors locked in profits after the stock had surged 5.76% in the prior session on news of a heated tobacco national standard consultation. The sharp reversal reflects swift profit-taking activity amid a cautious market sentiment.

Adding to the downward pressure, HKEX filings revealed that a major shareholder transferred 500 million shares from HSBC to Citibank on July 29, a block valued at approximately HK$4.335 billion and representing 8.08% of the company's issued shares. This development, combined with EVE Energy subsidiary EBIL's earlier announcement of a planned reduction of up to 3.5% of its stake within 12 months, stoked market concerns that the long-signaled disposal may now be entering the execution phase. It marks the fifth consecutive year that EVE Energy has indicated intentions to trim its SMOORE INTL holdings, although previous plans were not carried out.