For a fleeting moment last month, a cramped office on the 13th floor of Hong Kong’s Golden Centre was home to the world’s best-performing major stock.
The tower, stacked on top of a train station on the edge of the city’s main business district, is the registered office of ArtGo, a lossmaking producer of marble.
The company was riding a giant rally in its shares on optimism that they would soon be included in a series of influential benchmarks for investors. But its run ended on November 21 when the Hong Kong-listed stock plunged 98 per cent, wiping out almost $6bn of shareholder wealth.
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