HK Stock Market Move | After the stock split, the stock prices of WELLCELL H-OLD (02940) and WELLCELL H-NEW (02477) experienced a sharp drop of over 80% in the morning session.

Wellcell announced the stock split earlier, and the stock price rose sharply and then fell on the day of the split. Since then, the stock has experienced frequent sharp declines, with a drop of over 80% in early trading today. As of the time of writing, WELLCELL H-OLD (02940) fell by 78.67% to HK$1.06, while WELLCELL H-NEW (02477) fell by 78.7% to HK$1.05. On the news front, Wellcell recently announced that it officially entered the AI computing power service field, with directions including computing power rental platforms, computing power scheduling and optimization platforms, and Token aggregation APIs. The announcement stated that the company will leverage its existing ICT communication services, wireless network optimization, and FoPay payment platform technical capabilities to promote the incubation of the above businesses and establish an AI strategic responsible team. It is worth noting that on April 21st, Wellcell announced that the company's existing common shares with a par value of HK$0.005 per share have been split into four shares with a par value of HK$0.00125 per share and issued 3 billion shares. The Shanghai and Shenzhen Stock Exchanges announced at the beginning of May that Wellcell would be included in the list of stocks eligible for trading under the Shanghai and Shenzhen-Hong Kong Stock Connect due to its parallel trading of split shares, effective from May 6th.