Shares of JOLIMARK (02028) opened higher at HK$4.255 on Thursday but quickly reversed course, tumbling nearly 19% to an intraday low of HK$3.005. This sharp selloff comes just one day after the stock skyrocketed more than 84% in a single trading session. As of the time of writing, the shares were down 16.22% at HK$3.1, with turnover reaching HK$88.03 million.

The dramatic swing follows a post-market announcement on September 4, in which the company disclosed that its controlling shareholder, Jiangyu Holdings—a firm controlled by board chairman Ou Boxian—had entered into a placement agreement. The agreement involves the sale of no fewer than 120 million shares and up to 445.03 million shares, representing approximately 51.85% of the company's existing issued share capital, which effectively accounts for the shareholder's entire stake. The placement price is set at no less than HK$0.55 per share, with the transaction expected to be completed by no later than September 25. Upon completion, the seller will no longer hold any shares and will cease to be the company's controlling shareholder.

It is worth noting that JOLIMARK's underlying fundamentals remain weak, with the company having recorded losses for the past eight consecutive years. In the first half of 2026, the company posted revenue of RMB 62.01 million, down 11.66% year-over-year, while the loss attributable to shareholders narrowed to RMB 24.36 million, a decrease of 21.26% compared to the prior year. The company attributed the first-half losses primarily to sluggish demand for printer products due to the nationwide adoption of digital electronic invoices in mainland China, as well as the fact that its medical products have yet to achieve scale and the recognition of asset impairments.