STOCKS | Saite New Material Shares Drop 16.52% as Company Says Operations Normal

Saite New Material’s shares fell 16.52% on June 15, closing at 24.51 yuan per share, giving the company a market capitalization of 4.1 billion yuan. According to Jin10, post-close trading data showed the top five brokerages on the daily leaderboard recorded combined turnover of 150 million yuan, including 71.12 million yuan in buys and 78.40 million yuan in sells, for net selling of 7.28 million yuan. The company said it had not identified a clear reason for the sharp decline and could not determine which shareholder sold heavily. It added that operations were normal and that a previously disclosed reduction by a major shareholder had already been completed. Saite New Material said its relatively small market capitalization can make the stock more sensitive to large sell orders. Addressing market concerns about high accounts receivable, the company said competition among refrigerator manufacturers was intense. It said it had proactively declined about 200 million yuan in low-margin orders with long payment terms this year, and was prioritizing higher-margin customers with shorter payment cycles to gradually improve its receivables situation.