Shares in the company rose steadily throughout the day and reached an intra-day high of 18 cents – or 20% higher than its last-closed price of 15 cents – at around 3.34pm.

In its filing, SGX RegCo asked the company to confirm its compliance with the listing rules and requested the company to release any information that may have brought about the share price surge.

Sinostar had reported earnings of RMB4.3 million ($806,202) for the 2QFY2023 ended June on Aug 14. This was up from a RMB10.3 million loss in the corresponding quarter the year before. For the 1HFY2023, the company’s earnings fell by 69.0% y-o-y to RMB8.7 million.

Following its results, Sinostar’s non-executive chairman, Li Xiang Ping, has been buying shares via the open market, through his 100%-owned company Intelligent People Holdings.

From Aug 15 to 24, Li purchased a total of 2.15 million shares for a total of $279,088.50 or about 12.98 cents apiece.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/sgx-query/aoxin-qm-triggers-sgx-query-after-shares-surged-44?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Aoxin Q&M triggers SGX query after shares surged by 44% (update)</a></b></span>

As at Aug 25, Li’s total stake is at 58.13%.

Shares in Sinostar Pec closed 2.2 cents higher or 14.67% up at 17.2 cents on Aug 25.

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