Yangzijiang calls for trading halt after shares tumble 20% on heavy volume

SINGAPORE - Shipbuilding group Yangzijiang has asked for the trading of its shares to be suspended, according to a company announcement on the Singapore Exchange (SGX) on Thursday (Aug 8).

The request was submitted by Yangzijiang executive chairman Ren Yuanlin, 11 minutes after the SGX posted a query about the company's trading activity.

SGX vice-president and surveillance head Kelvin Koh said that the bourse had noted unusual price movements in the company's shares, and reached out to Yangzijiang for an explanation.

It also queried the company about compliance with the listing rules. Yangzijiang has yet to make public its answers.

The Group posted a net profit of 936 million yuan (S$183.6 million) in the second quarter of 2019, down 6 per cent from the same period a year earlier, according to an earlier media report.

Revenue in the three months ended June 30 was seven billion yuan, down 12 per cent.

The core shipbuilding business generated revenue of 3.1 billion yuan, down from 5.2 billion yuan in the same period a year earlier, as 18 vessels were delivered instead of 20.

Earnings per share was 23.73 RMB cents, down from 25.08 RMB cents in the second quarter of last year (2018).