在2024年4月9日，香港掛牌的中國天瑞水泥股票在收盤的最後12分鐘內經歷巨大賣壓導致暴跌。截至收盤時，其股價下跌至0.048港元，跌幅高達99.04%，總市值從原本的140億港元急劇下降至僅剩下1.4億港元。在一天的時間內，公司市值竟然蒸發145.48億港元，整個過程極為離奇。

在當天早上15點45分之前，該股價穩定地維持在5港元的價格範圍內。但從15點45分開始，大量的賣單瞬間湧現，導致股價在短短25分鐘內從4.92港元滑落至0.048港元。這家市值達到百億級的公司市值差點跌至零。根據公開資訊顯示，中國天瑞水泥去年年底全年營業額為78.89億人民幣，較前一年下跌28.6%。公司全年虧損達到6.34億人民幣，而前一年同期則盈利4.49億人民幣。去年每股虧損達到22分，並且公司將不會分配任何股息。

在香港股市中，沒有漲跌幅限制意味著股票在單日內的價格波動可能會非常大。這樣的制度優缺點各有不同：

優點：

增加市場流動性：沒有漲跌幅限制可以使股票價格更加靈活地反應市場供需情況，從而增加市場流動性。投資者可以更容易地進行買賣交易，因為他們不需要等待價格限制的解除。

提高市場效率：股票價格可以根據市場供需變化自由波動，這有助於市場更快速地反應信息，提高市場效率。投資者可以更準確地評價股票價值，並做出更明智的投資決策。

促進交易活動：沒有漲跌幅限制可以鼓勵更多的交易活動，因為投資者可以更靈活地參與市場，進行頻繁的交易。這有助於增加市場的活躍程度，並吸引更多投資者參與。

缺點：

增加市場波動性：沒有漲跌幅限制可能導致股票價格在短時間內出現大幅波動，這可能會引發投資者的恐慌情緒，加劇市場波動性，增加市場風險。

增加投資風險：投資者在沒有漲跌幅限制的市場中可能會面臨更大的投資風險，因為股票價格可能在短時間內大幅波動，導致投資損失。這對於保守型投資者來說可能會造成困擾。

缺乏保護機制：沒有漲跌幅限制可能會使市場更容易受到操縱或市場濫用行為的影響。缺乏限制可能會使市場更容易受到不當行為的影響，從而損害市場的公平性和穩定性。

總的來說，沒有漲跌幅限制的制度在一定程度上能夠提高市場流動性和效率，但同時也帶來了市場波動性增加和投資風險上升的問題。因此，對於香港股市而言，沒有漲跌幅限制的制度需要在促進市場活躍度的同時，加強監管和風險管理，以保護投資者的權益和市場穩定。

On April 9, 2024, the Hong Kong-listed China Tianrui Cement stock experienced a significant plunge in the final 12 minutes of trading. By the closing bell, its stock price plummeted to 0.048 Hong Kong dollars, a staggering 99.04% decrease, causing its total market value to plummet from the original 14 billion Hong Kong dollars to just 140 million Hong Kong dollars. The company's market value evaporated by 14.548 billion Hong Kong dollars within a single day, making the whole process extremely unusual.

Before 15:45 on that day, the stock price remained stable within the range of 5 Hong Kong dollars. However, starting from 15:45, a large volume of sell orders suddenly appeared, causing the stock price to slide from 4.92 Hong Kong dollars to 0.048 Hong Kong dollars in just 25 minutes. The market value of this billion-dollar company almost dropped to zero.

According to public information, China Tianrui Cement had an annual revenue of 7.889 billion RMB at the end of last year, a decrease of 28.6% compared to the previous year. The company suffered a full-year loss of 634 million RMB, while it had a profit of 449 million RMB in the same period of the previous year. The loss per share reached 22 cent last year, and the company will not distribute any dividends.

In the Hong Kong stock market, the absence of price fluctuation limits means that stock prices may fluctuate greatly within a single day. Such a system has its own advantages and disadvantages:

Advantages:

Increased market liquidity: The absence of price fluctuation limits allows stock prices to more flexibly respond to market supply and demand, thereby increasing market liquidity. Investors can more easily engage in buying and selling transactions because they do not need to wait for price limit removal.

Improved market efficiency: Stock prices can fluctuate freely based on changes in market supply and demand, which helps the market respond to information more quickly and improves market efficiency. Investors can more accurately evaluate stock values and make wiser investment decisions.

Promotes trading activity: The absence of price fluctuation limits can encourage more trading activity because investors can more flexibly participate in the market and engage in frequent trading. This helps increase market activity and attracts more investors to participate.

Disadvantages:

Increased market volatility: The absence of price fluctuation limits may cause stock prices to fluctuate significantly within a short period, which may trigger investor panic and exacerbate market volatility, increasing market risk.

Increased investment risk: Investors may face greater investment risks in a market without price fluctuation limits because stock prices may fluctuate significantly within a short period, resulting in investment losses. This may pose a challenge for conservative investors.

Lack of protective mechanisms: The absence of price fluctuation limits may make the market more susceptible to manipulation or market abuse. The lack of restrictions may make the market more vulnerable to improper behavior, thereby compromising market fairness and stability.

Overall, the system without price fluctuation limits can improve market liquidity and efficiency to some extent, but it also brings about increased market volatility and investment risks. Therefore, for the Hong Kong stock market, the system without price fluctuation limits needs to strengthen supervision and risk management while promoting market activity to protect investors' interests and market stability.

照片:DALLE3