SINGAPORE (July 9): Ayondo, hailed as Singapore’s first listed pure-play fintech firm, wants to simplify investing by giving punters the platform to mimic trading experts as to what kind of stocks to buy or sell, when to trade and at what price. “Social trading” builds on the premise that most investors rely on the experts for guidance on how to make money.
Insiders of Ayondo, including executive chairman and independent director Chan Heng Toong, recently purchased shares in their company. Since Ayondo’s listing at 26 cents on March 26, its shares have been on a downtrend. This is also the first round of purchases company insiders have made from the open market since the IPO. Is this the signal for other investors to follow suit?
On June 29, Chan bought 250,000 shares at $22,977.50, which works out to an average of just below 9.2 cents each. His purchase can be seen as averaging down his cost. Prior to this, Chan, who is listed on Ayondo’s website as Chan Jehu, took up 750,000 placement shares during the IPO. With the open-market purchase, he now owns a total of one million shares.