Zhaoyan New Drug stock price hits the limit down; the company's latest response

On March 17, Zhaoyan New Drug’s stock price hit the daily limit down. In terms of news, the company’s shareholder Gu Xiaolei and his concerted actor Gu Meifang plan to “liquidate” their holdings. In response, staff from Zhaoyan New Drug’s securities department stated that the significant drop in stock price was mainly influenced by the news of the share reduction. The aforementioned shareholders have been reducing their holdings, but this reduction was greater than expected, leading to a strong market reaction. “These shareholders were already significant shareholders of the company before the IPO, and part of the reduced shares were obtained before the IPO. There have been no major changes in the company’s operations,” said the staff from Zhaoyan New Drug’s securities department. (China Securities Golden Bull)