HONG KONG: MSCI Inc. scrapped plans to add a high-flying Hong Kong stock to its suite of indexes because of concerns about investability, a rare reversal that sent the stock plunging 98%.
ArtGo Holdings Ltd., which had soared almost 3,800% this year for the world’s biggest gain among companies with a market capitalization of at least $1 billion, erased nearly all of that advance within minutes on Thursday as investors reacted to MSCI’s decision. The stock wiped out more than $5.7 billion of value before trading was suspended.
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