HK Stock Market Move | ANDRE JUICE(02218) plunged nearly 20% during trading. The Shanghai Stock Exchange has issued a regulatory letter regarding the abnormal fluctuations in Yantai North Andre Juice's stock.

During trading, Andre Juice (02218) fell nearly 20%, and as of the time of writing, it had dropped 10.41% to 24.28 Hong Kong dollars, with a turnover of 262 million Hong Kong dollars. On the news front, Yantai North Andre Juice previously announced its intention to acquire the controlling rights of Ningbo Yongqiang Technology Co., Ltd., a manufacturer of copper clad laminates and semi-cured sheets, held by several shareholders for 600 million to 800 million yuan. As for the progress of the transaction, Yantai North Andre Juice stated that the acquisition is still in the preliminary due diligence stage, and communication with the shareholders of the target company is ongoing. There is significant uncertainty as to whether the relevant matters can progress smoothly. It is worth noting that in January of this year, Xiamen Yanjan New Material announced its plan to acquire 98.54% of Yongqiang Technology, but after about four months of negotiations, the two parties ultimately failed to reach an agreement on core terms such as performance-based guarantees and M&A valuations. On May 18, Xiamen Yanjan New Material officially announced the termination of the transaction. Less than a month after Xiamen Yanjan New Material exited, Yantai North Andre Juice announced the acquisition. In addition, some media outlets have found anomalies on Yongqiang Technology's official website, such as disconnected phone numbers. The Shanghai Stock Exchange has issued a regulatory work letter regarding the abnormal fluctuations in Yantai North Andre Juice's stock from June 12 to 16.