UNEXPLAINED SURGE IN SHARE TRADING FOR CHINA SHIPPING COMPANY
The volume of China Shipping Development Co. shares traded on the Hong Kong stock exchange has surged in the last few days, but the Chinese company said that it did not know any reasons for the sudden stockmarket interest.
China Shipping Development Co. is a majority-owned affiliate of China Shipping Group that manages some of the group’s tanker and bulk shipping activities.
On Tuesday, the number of shares traded on the Asian stock exchange reached about 70,000, as compared to typical volumes of less than 1,000 shares in early November. This followed a trading volume of about 38,000 shares on Monday.
At the same time, the stock price of China Shipping Development Co. closed at HK$1.64 on Tuesday, up from $1.55 last Friday (Nov. 29).
China Shipping Development Co. said that it has noted the recent increase in the trading volume of the shares of the company and added that “it is not aware of any reasons for such increase.”
“The board also confirms that there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable…, neither is the Board aware of any matter discloseable…, which is or may be of a price-sensitive nature,” China Shipping Development said.