Crypto Pivot Backfires as Starcoin Hit With Trading Suspension
Shares of Starcoin Group Ltd. tumbled 73% on Monday after the Hong Kong Stock Exchange ordered a trading halt, raising questions about whether the cryptocurrency-concept firm has a viable business to justify its listing.
The company said before the market opened that the exchange had mandated a trading suspension beginning Nov. 26. Starcoin plans to appeal the decision. Its shares ended the session at HK$0.064 ($0.008), down 91% from a late-July peak.
The move signals tighter oversight by the exchange, especially of companies pivoting to speculative sectors like digital assets while lacking meaningful operations. Citing Listing Rule 13.24, which requires listed companies to maintain sufficient operations and asset value, the…
