LIANLIAN (02598), also known as Lianlian DigiTech, saw its stock price plummet by 8.84% during intraday trading on Friday. The significant drop comes as part of a broader selloff affecting Hong Kong-listed stablecoin-related stocks.
The downturn in stablecoin stocks appears to be widespread, with several companies in the sector experiencing substantial losses. While the exact catalyst for this sector-wide decline remains unclear, it suggests a potential shift in investor sentiment or regulatory concerns surrounding stablecoin-related businesses.
Other notable declines in the sector include Linklogis, which fell by 13%, and China EB, down by 11%. Additionally, ZA Online and Yeahka saw their stock prices decrease by 7% and 6% respectively. This synchronized downturn highlights the broader challenges facing companies involved in the stablecoin and digital finance space in the Hong Kong market.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.