Shares of BOAN BIOTECH (06955) tumbled more than 20% in early trading on Thursday, touching an intraday low of HK$2.7, marking an all-time low since its listing. As of the time of writing, the stock was down 12.7% at HK$2.99, with turnover reaching HK$10.32 million.

According to announcements from the Shanghai and Shenzhen stock exchanges, BOAN BIOTECH has been removed from the list of eligible securities under the Stock Connect scheme, effective immediately today (September 7). Following the removal, southbound investors can only sell their holdings and will no longer be able to purchase additional shares.

Notably, as of September 4, southbound capital held approximately 145.6 million shares of BOAN BIOTECH, representing a stake of about 23.39%. In the first half of this year, the company reported revenue of RMB 233 million, a year-on-year decline of approximately 40.8%, primarily attributed to expectations of upcoming government-led centralized procurement policies. During the period, the company swung to a loss attributable to parent shareholders of RMB 83.009 million, compared with a profit of RMB 20.514 million in the same period last year.