Shares of Shandong Molong (00568.HK) plummeted 7.13% at market open on Wednesday, marking a sharp reversal from the previous session's strong performance.

The decline is attributed to profit-taking by traders locking in gains from a significant rally in the prior trading session. That earlier surge was driven by two key factors: escalating geopolitical tensions in the Middle East, which boosted international oil prices and related energy stocks, and a substantial increase in holdings by institutional investor Barclays PLC.

Barclays disclosed it had purchased approximately 6.26 million H-shares, raising its stake in the company significantly. Market sentiment was also influenced by the company's upcoming shareholder meeting regarding potential H-share issuance, seen as a move to prepare for introducing overseas capital.