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Chinese Global Investors to resume trading; selling waterproofing unit

Chinese stocks managed to bounce off from steep losses and ended Wednesday almost flat as fresh supportive measures from brokerages eased investor fears that Beijing may be intensifying a crackdown on illegal margin financing.

SHARES of Chinese Global Investors Group will resume trading on Tuesday after having been halted since Aug 28 mid-day.

While the company's shares were halted, the investment holding company had announced a 34.5 per cent net profit growth for the year ended June 2015 as well as plans to sell its core waterproofing subsidiary for S$3.28 million.

Chinese Global Investors posted a net profit of S$867,066 for its fiscal fourth quarter, up from a net loss of S$352,998 in the year-ago period. For the full year, net profit rose to S$2 million, or 0.21 Singapore cents per share, from S$1.5 million, or 0.16 Singapore cents per share.

The company, which is diversifying into financial services, also announced that it is selling wholly owned subsidiary Hitchins International for S$3.28 million to the current management of the unit. The subsidiary carried out Chinese Global Investors' core waterproofing business.

Chinese Global Investors shares last traded at 2.8 Singapore cents.

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