Yangzijiang requests trading halt after shares tumble

An aerial view of Singapore’s portAn aerial view of Singapore’s port

Yangzijiang Shipbuilding requested a trading halt on its shares Thursday, pending an announcement, after the stock tumbled as much as 28.5 percent intraday.

The shares fell as low as S$0.93, down 28.5 percent, and then retraced to S$1.04, down 20 percent, before trading was halted.

The Singapore Exchange sent the Chinese shipbuilder a query on the trading activity, asking whether the company was aware of any information not previously announced or other possible explanation for the unusual price movements.

On Monday, Yangzijiang had reported its second quarter net profit fell 6 percent on-year to 936.43 million yuan (S$183.79 million or US$132.94 million), with the shipbuilder attributing the decline to an “exceptionally strong” year-ago performance.

Revenue for the quarter ended 30 June declined 12 percent on-year to 7.03 billion yuan, the shipbuilder said in a filing to SGX.

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