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HKC Discloses Subsidiary Plans Amid 20% Stock Price Drop

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HKC (SHE:001399) disclosed that it is planning to establish a wholly-owned subsidiary, according to a Thursday filing with the Shenzhen Stock Exchange, addressing recent abnormal stock fluctuations.

The semiconductor display company's closing price deviated by more than 20% across two straight trading sessions on July 14 and 15.

In its response to the price movement, HKC said its business operations remain normal and that the planned subsidiary is not expected to constitute a related-party transaction or a major asset restructuring.

The company's shares dropped 2% recently, poised to hit a new all-time low.

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