Changes in Hong Kong stocks | GigaYi Innovation (03986) fell more than 6% in the afternoon, China Life Insurance Asset Management concentrated sales, and GigaYi Innovation cashed out a total of 680 million yuan

The Zhitong Finance App learned that Mega Easy Innovation (03986) fell by more than 6% in the afternoon, to a low of HK$574.5, which is already below the previous month's high of HK$1,248. As of press release, it decreased by 5.86% to HK$578, with a turnover of HK$3.802 billion.

According to the news, on July 20, China Life Insurance issued an announcement stating that China Life Insurance's eight asset management plans collectively sold about 1.1092 million shares of Zhaoyi Innovation on July 8. The average sales price of the different asset management plans was 611.46 yuan/share - 624.61 yuan/share, with a cumulative cash out of over 682 million yuan. All transactions were confirmed on the same day.

It is worth noting that GigaYi Innovation previously issued a risk warning notice stating that the memory chip industry has historically shown cyclical fluctuations, future performance may be affected by changes in the industry's supply and demand pattern, and there is a risk that future profitability may decline. Furthermore, with the release of Changxin Technology's pricing, the listing valuation fell short of market expectations, and the premium expectations for Zhaoyi Innovation to benefit from Changxin's listing have also gradually been cleared.