Price War Brewing in CN Pure Drinking Water Mkt; NONGFU SPRING (09633.HK) Craters 7%+

　　Chinese media reported that a price war in the Mainland pure water market is boiling.

　　NONGFU SPRING (09633.HK) -3.000 (-7.491%) Short selling $55.21M; Ratio 23.711% has recently started a promotion for purified drinking water, selling a pack of twelve 550ml bottles of water at RMB9.9. In some retail channels, the price per pack is as low as RMB8.9, or about RMB0.74 per bottle of water, constantly digging below the RMB2 per bottle price band maintained by other pure water brands such as Wahaha.

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　　In addition, EAST BUY (01797.HK) +0.040 (+0.313%) Short selling $3.16M; Ratio 6.619% also held a press conference in Beijing for its new self-operated brand recently, launching 7 new summer products including mineral water, crayfish, sour plum drink, summer quilt and T-shirt, marking the company's first foray into the bottled water market. The 350ml 24-bottle pack is priced at RMB37.87 after discounts, while the 500ml 24-bottle pack is priced at RMB45.41. The express delivery price of a single bottle is less than RMB2.

　　NONGFU SPRING once crashed 7.9% today (27 June) to as low as $36.9, and is trading now at $37.15, plummeting 7.24%, with a volume of 11.4904 million shares and a capital of $434 million. EAST BUY stands now at $12.8, up 0.31%, with 6.27 million shares traded, involving $79.8819 million.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-27 12:25.)

　　AAStocks Financial News