As the penny-stocks saga drags on, let's consider some facts which populist politicians would not dare ponder but which observers should be aware of before passing judgment on the issue.
Firstly, most of the minnows which plunged last Friday did not always trade below 50 HK cents.
Counters such as Lai Sun Development, Lai Sun Garment and China Star Entertainment traded well above 50 cents - and even $1 - until 2000.
E-Kong Group's shares were above 50 cents earlier this year.
While triggered by the Hong Kong Exchanges and Clearing's (HKEx) controversial delisting proposals, last Friday's sell-off should still be seen as an episode within a long-lingering bear market among the smallest caps.
The second point to remember - and an obvious one - is that penny stocks are easily cornered and thus more susceptible to market manipulation.
