WAI CHUN BIOTEC (00660) experienced a sharp decline of over 40%. This comes after the stock resumed trading yesterday and recorded an extraordinary surge, closing up more than 800%. At the time of writing, the stock was down 40.87%, trading at HK$1.36, with a turnover of HK$21.0948 million.

The price movement follows the company's recent announcement. On April 12th, the company, acting as the lead organizer and controlling party, signed a Strategic Cooperation Memorandum of Understanding for new energy projects with several large Chinese state-owned enterprises, well-known overseas multinational corporations, and top-tier international financial institutions. The involved parties have agreed to jointly invest in, develop, construct, and operate new energy projects globally, such as wind and solar power generation.

According to the memorandum, the parties will collaborate to develop and implement wind and solar power projects in multiple countries and regions worldwide. Notably, the scale of new energy projects designated for development in the South Korean market alone is explicitly set at no less than US$50 billion (approximately HK$390 billion). The targeted project footprint also extensively covers other global core and emerging markets, including Thailand, Indonesia, the five Central Asian nations, the United States, Canada, Romania, Saudi Arabia, Zambia, and Mongolia.

The group is expected to issue further announcements regarding projects in numerous countries, with the total project scale anticipated to reach a volume of hundreds of billions of US dollars. It is important to note that the announcement clarified that this memorandum is a framework document for strategic cooperation. The implementation of specific projects will be contingent upon the subsequent signing of legally binding formal agreements by the involved parties.