Rumours surrounding Yangzijiang Shipbuilding saw its share price go through the floor yesterday. 24 hours after calling for a halt to its stock trading on the Singapore Exchange, China’s largest private shipbuilder is keeping a tight lip on the details of the trading suspension.
The share price of Yangzijiang Shipbuilding tanked by almost 30% yesterday, prompting exchange regulators to ask the shipbuilder to explain the unusual price movements.
The shipbuilder requested a trading halt right after the stock exchange’s query, giving the reason that an announcement of the company is pending.
According to VesselsValue data, Yangzijiang currently has an orderbook of 91 vessels. The shipbuilder posted a net profit of RMB936m ($132.7m) in the second quarter, down 6% from the same period a year earlier.