HK Stock Market Move | YOFC (06869) falls by over 4% again and has dropped by 40% from the September high point. Fiber optics prices and quantities are declining, and shareholders' selling off has dragged down the stock price.

YOFC(06869) fell by more than 4% again, hitting a low of 38.5 Hong Kong dollars during the trading session, a decrease of over 40% from its September high of 65 Hong Kong dollars. As of the time of writing, it has fallen by 4.33% to 38.88 Hong Kong dollars, with a turnover of 5.82 billion Hong Kong dollars. On the news front, Nomura released a research report stating that the recent fiber optic tender results announced by China Mobile Limited showed a decrease in market share and average selling price of Yangtze Optical Fibre And Cable Joint Stock, which may put pressure on profits starting from the third quarter of this year. The bank believes that the stock price has already reflected the positive factors of AI business expansion, and has downgraded the rating from "buy" to "neutral", while significantly raising the target price from 18.6 Hong Kong dollars to 52 Hong Kong dollars. It is noteworthy that on September 19th, Draka Comteq B.V. sold 37.59 million H shares of YOFC in a block trade, accounting for 5% of the total share capital, reducing the number of H shares to zero after the sale. It is reported that as of the end of March this year, Draka Comteq B.V. and China Huaxin Post Telecommunication Technology Co., Ltd. were tied as the largest shareholders of Yangtze Optical Fibre And Cable Joint Stock, each holding a 23.73% stake. From April 17th to September 19th, Draka Comteq B.V. has cumulatively sold nearly 180 million H shares of Yangtze Optical Fibre And Cable Joint Stock, accounting for 23.73% of the total share capital.