Stock That Gained 450% in a Year Plunges on MSCI China Debut
- Perennial Energy Holdings tumbles 69% in Hong Kong on Friday
- Decline echoes that of Hebei Construction’s fall last year
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A Hong Kong stock that had soared nearly 450% the past year plunged in its first trading day as a member of an index compiled by MSCI Inc.
Perennial Energy Holdings Ltd., a coal miner based in China’s southern Guizhou province, slumped a record 69% Friday to an eight-month low. Its addition to the MSCI China Index was announced earlier in May as part of a quarterly review.