LIANLIAN (02598), also known as Lianlian DigiTech, saw its stock price plummet by 8.84% during intraday trading on Friday. The significant drop comes as part of a broader selloff affecting Hong Kong-listed stablecoin-related stocks.
The downturn in stablecoin stocks appears to be widespread, with several companies in the sector experiencing substantial losses. While the exact catalyst for this sector-wide decline remains unclear, it suggests a potential shift in investor sentiment or regulatory concerns surrounding stablecoin-related businesses.
Other notable declines in the sector include Linklogis, which fell by 13%, and China EB, down by 11%. Additionally, ZA Online and Yeahka saw their stock prices decrease by 7% and 6% respectively. This synchronized downturn highlights the broader challenges facing companies involved in the stablecoin and digital finance space in the Hong Kong market.
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