Smart Globe (HKG:1481) flagged a high concentration of shareholding in the firm's shares following a request from the Hong Kong Stock Exchange, according to a bourse filing Thursday.

Shares of the printing firm fell over 14% in morning trade Friday.

According to the notice, a total of 21 shareholders collectively controlled 90.83% of the company's issued share capital, leaving only 9.17% of the issued shares in the hands of other shareholders.

This meant that the shares may not have a genuine market and prices could fluctuate "substantially" even with a small number of shares traded, Smart Globe said.