China Hongqiao's stock plummeted 5.06% during intraday trading on Thursday, reflecting a significant downturn for the aluminum producer.

The decline was driven by a broad retreat in the aluminum sector, with several major industry players also experiencing losses during the session. Additionally, the sustained buying support that had previously underpinned China Hongqiao's stock price has dissipated following the completion and cancellation of its large-scale share buyback program.

Market concerns were further heightened by the company's recent completion of a RMB 10.2 billion convertible bond issuance, raising fears of potential equity dilution for existing shareholders.