Shares of Hong-Kong based Zhong Yang Financial Group ( NASDAQ: TOP ) dropped 14% on Monday ahead of a special shareholders' meeting.
The online brokerage’s stock opened at $35.47, hitting a session high of $36.20 in early trading before sliding to close at $31.54, down 14%.
Shares of Zhong Yang rallied 25% on July 1 in the wake of SEC filings that stated it was replacing its auditing firm and holding a special shareholders' meeting on July 13, 10:00 a.m. Hong Kong time, which would be July 12, 10:00 p.m. ET. The meeting was to discuss changing the company’s name to TOP Financial, in addition to other items.
Zhong Yang held a $25M US initial public offering on June 1, offering 5M ordinary shares priced at $5 per share.
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Zhong Yang stock drops 14% ahead of special shareholders' meeting