Highly Concentrated Shareholding: 17 Hong Kong-Listed Companies Publicly Named by the SFC Within the Year

On October 27, the share price of New Gonow RV, a listed company named by the Hong Kong Securities and Futures Commission (SFC) for highly concentrated shareholding, plunged intraday and closed down more than 33%, while the stock had at one point gained nearly 15 times at its peak this year. Since the start of this year, the Hong Kong SFC has publicly flagged 17 similar Hong Kong-listed companies. For such stocks, more than 90% of the shares are locked up, the free float is scarce, and sharp surges and slumps occur frequently. A Hong Kong Exchanges and Clearing (HKEX) spokesperson told the Securities Times that HKEX has always been responsible for regulating public float, but this and the SFC's warnings on shareholding concentration risk belong to two independent regulatory systems with different assessment logic. For investors, a company's single compliance indicator cannot fully reflect liquidity risks, and risks still need to be assessed from multiple dimensions.