AsianFin -- Shares of East Buy (1797.HK) plunged on Monday after a market rumor involving New Oriental Education & Technology Group CEO Michael Yu caused a sharp late-session sell-off.

The stock closed down 20.89% at HK$34.32, despite earlier climbing to a near two-year high of HK$53.70, marking an intraday swing of more than 44%.

In response, East Buy’s investor relations director dismissed the speculation in a company WeChat group, stating: “This is a rumor. Nothing like this has happened. We are still in our annual report quiet period. Thank you for your support.”

A company representative also told Chinese media outlet The Paper that the claim was “purely fabricated.”