HK Stock Market Move | SHANGHAI XNG(03666) plunged more than 25% in the afternoon, with reports of multiple stores suddenly closing down.

SHANGHAI XNG (03666) fell more than 25% in the afternoon, dropping by 25.71% as of the time of publication, to 0.026 Hong Kong dollars, with a turnover of 1.1317 million Hong Kong dollars. On the news front, according to media reports, several consumers have learned that in early February, several stores of Xiao Nan Guo in Shanghai closed without any prior notice, leaving customers who had already paid for New Year's Eve dinner deposits and stored value card balances in an awkward situation with no way to get a refund. According to Securities Times, on February 9, reporters visited several Shanghai XNG stores in Shanghai and found that they were all closed, with no explanation provided. It is worth noting that on January 8 this year, SHANGHAI XNG announced the sale of the Xiao Nan Guo (Hong Kong) restaurant group for $100,000, including 8 mainland "SHANGHAI XNG" stores, leaving only two stores in the mainland. It is understood that the Xiao Nan Guo (Hong Kong) restaurant group currently operates only 10 "SHANGHAI XNG" branches. After this transaction is completed, SHANGHAI XNG will still retain two branches, and the existing brand of the two restaurants will be replaced by "Ching Ching". According to the announcement, the company that was sold primarily operates the "SHANGHAI XNG" brand restaurants and delivery services, which are the core business sectors of the SHANGHAI XNG Group, accounting for over 70% of the total revenue of the SHANGHAI XNG Group in the first half of 2023, 2024, and 2025.