HK Stock Market Move | Red Star Macalline Group Corporation (01528) falls more than 3% again to hit new low for the year, suffers cumulative reduction of 30.616 million H shares by Alibaba Group.

Red Star Macalline Group Corporation (01528) fell more than 3% again, hitting a low of 1.14 Hong Kong dollars, the lowest since late September last year. As of the time of writing, it was down 3.36% at 1.15 Hong Kong dollars, with a turnover of 43.027 million Hong Kong dollars. On the news front, Red Star Macalline Group Corporation announced that it recently received notification from shareholders Taobao Holdings and New Retail Fund that on December 10 to December 11, Taobao Holdings and New Retail Fund collectively reduced their holdings by 30.616 million H shares through a centralized auction, accounting for 0.7% of the current total share capital. Hangzhou Haoyue and its concerted action parties Taobao Holdings and New Retail Fund together held a reduced number of shares from about 391 million shares to about 319 million shares, and the shareholding ratio decreased from 8.98% to 7.33%. The group stated that the changes in equity will not result in changes to the controlling shareholder or actual controller, and will not have a significant impact on the corporate governance structure and ongoing operations.