MAJESTIC DRAGON's stock plunged 8.65% during intraday trading on Wednesday, marking a significant decline for the Hong Kong-listed company.

The sharp drop followed disclosures of substantial shareholder activity, including a transfer of approximately 5.71% of the company's issued share capital valued at HKD 68.67 million from Futu Securities International to Hong Chi Securities. Additionally, the company's board received notice that controlling shareholder Mr. Zhang Jinbing has signed a non-binding letter of intent with Beijing Qichen Investment Management for the potential sale of a portion of his 47.32% stake at an indicative price of HKD 0.5475 per share.