Tianrui shares dive 99pc in 15 minutes

The share price of China Tianrui (1252) slumped 99 percent in the 15 minutes before the market closed yesterday.

The cement giant dived to HK$0.048 per share with a turnover of HK$24.4 million. On the previous trading day, Tianrui closed at HK$5.

The free fall yesterday not only turned the shares into a penny stock but also slashed the company's market capitalization to just HK$141 million from HK$14.6 billion - meaning HK$1 billion evaporated every minute.

Tianrui's net equity amounted to 15.47 billion yuan (HK$16.75 billion) as of the end of last year.

China Tianrui, headquartered in Henan Province, is engaged in the mining of raw materials and the manufacturing, sale and export of cement, clinker, flyash powder, slag powder, concrete and other cement products.

Tianrui reversed to a net loss of 633.9 million yuan last year from a net profit of 448.7 million yuan, as the cement prices plummeted.

Founded in 1982, China Tianrui is the ninth largest cement manufacturer in China.