HK Stock Market Move | REFIRE (02570) fell over 13%, with its stock price hitting a new low since listing, and it has been removed from the Hang Seng Composite Index.

REFIRE (02570) dropped over 13%, hitting a new low of HKD 13.75 during the session since its listing. The current market value is approximately HKD 1.3 billion, with over 95% evaporated from its historical peak. As of the time of writing, it has fallen by 13.31%, trading at HKD 13.94, with a turnover of HKD 12.3997 million. On the news front, Hang Seng Indexes Company announced the results of its semi-annual index adjustment, with all changes to be implemented after market close on September 4 and effective from September 7. The Shanghai and Shenzhen Stock Exchanges will adjust the range of stocks available for investment in the Stock Connect accordingly. Among these, 15 stocks, including REFIRE, will be removed from the Hang Seng Composite Index. China International Capital Corporation stated that the stocks removed from the Hang Seng Composite Index will also be excluded from the Stock Connect, meaning that after the removal, Stock Connect investors will only be able to sell and not buy.