Yangzijiang Shipbuilding triggers SGX query after shares surge by 15%

Yangzijiang Shipbuilding has received a query from the Singapore Exchange Regulation (SGX RegCo) at 3.40pm on Sept 23 after shares in the group surged to $1.265 as at 3.36pm, 15% higher than its share price of $1.10 as at Sept 22.

In its filing, the market regulator queried the Mainboard-listed group on the “unusual price movements” and asked the group to confirm its compliance to the Mainboard rules.

SGX RegCo had also asked the group to release any potential information that may have prompted the surge.

Shares in Yangzijiang have been rising steadily since Sept 8, when the group announced that it had obtained a technology membrane license from French naval engineering company GTT.

The receipt of the license was deemed as a “major breakthrough” by DBS Group Research, paving the way for Yangzijiang’s entry into the liquefied natural gas (LNG) carrier market.

Yangzijiang is the first non-state-owned enterprise (SOE) Chinese shipyard to obtain a license from GTT.

As at 4.12pm, shares in Yangzijiang are trading 14 cents higher or 12.7% up at $1.24.
Source: The Edge