Hot stock: Yangzijiang Financial extends fall for third day after lacklustre trading debut
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Tan Nai Lun
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SHARES of Yangzijiang Financial Holding (YZJFH) continued their downward trend for the third day after the stock's lacklustre trading debut on Thursday (Apr 28).
The counter traded as low as S$0.455 at 1.33 pm on Wednesday, down 16.5 per cent or S$0.09, with around 111 million shares changing hands.
One married deal was recorded at 11.52 am, with 600,000 shares traded at S$0.545, according to ShareInvestor data.
YZJFH later called for a trading halt at 1.50 pm, pending the release of announcements. Its shares had recovered slightly to trade at S$0.465 then, down 14.7 per cent or S$0.08. Some 114.6 million shares worth S$56.6 million changed hands before the trading halt.
The shares were down for the third day since the company was spun off and listed on the Singapore Exchange mainboard last Thursday. The Singapore market was closed on Monday and Tuesday for public holidays.
YZJFH had closed its first day of trading on Thursday at S$0.62 – representing a discount of nearly 43 per cent to its net tangible asset per share of around S$1.08. It had opened at a share price of S$0.69, with about 170.1 million shares worth S$106.6 million traded.
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On its second day, shares fell as much as 8.9 per cent or S$0.055 to S$0.565 in early trade, and later closed at S$0.545, down 12.1 per cent or S$0.075.
YZJFH was spun off Yangzijiang Shipbuilding, with the aim of unlocking value for the company’s shareholders. Shareholders in Yangzijiang Shipbuilding received shares of YZJFH via a dividend in-specie on a one-to-one basis.
No capital was raised through a public offering or private placement in YZJFH’s listing.
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