Shanghai: JES International Holdings, owner of China’s Jiangsu New East Marine Equipment Co (JNEME) shipyard, saw its share price increase by a sudden 24.2% today, prompting a query from the Singapore Exchange’s head of surveillance.
The Exchange subsequently issued an advisory, advising shareholders and investors to “trade with caution”.
JES’s price started the day at S$0.033 before hitting a high of S$0.041 and finally closing at S$0.038.
Its share price has been trending upwards over the course of the past month, but the sudden spike prompted a query from the Exchange.
“We are not aware of any information not previously announced concerning the company, its subsidiaries or associated companies which, if known, might explain the trading,” JES stated in an exchange filing today.
“The Exchange will investigate all possible transgressions and will work with the relevant regulatory agencies to pursue actions to maintain a fair, orderly and transparent market,” the Singapore Exchange said in response.
JES International was last week reinstated on China’s ‘white list’ of companies recognised by China’s ministry of industry and information technology.
In December, Singapore-based shipyard Beng Kuang Marine also received a query from the Singapore Exchange for ununsual price movements in its securities. [07/01/15]
