Yangzijiang shares nosedive prompting SGX to intervene

Yangzijiang shares nosedive prompting SGX to intervene

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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