Home News SGX query

Yangzijiang Shipbuilding triggers SGX query after shares surge by 15%

Felicia Tan
Felicia Tan9/23/2022 04:13 PM GMT+08  • 2 min read
Yangzijiang Shipbuilding triggers SGX query after shares surge by 15%
Shares in Yangzijiang have been rising steadily since Sept 8 since the announcement of its license from GTT.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.

See also: USP Group queried for 'unusual' share price movements

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

/Update

In its response to the query after market hours, Yangzijiang Shipbuilding has clarified that it is unaware of any information that might explain the trading today. That said, the group noted its announcement on its GTT license on Sept 8, adding that the group "did not provide any comments" in the media reports that covered the event.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.