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Hot stock: Hi-P climbs 16.8%, receives SGX query
SHARES of Hi-P International rose on Monday, prompting a query from the Singapore Exchange (SGX) about the "unusual price movements".
The mainboard-listed stock had advanced S$0.18 or 16.8 per cent to trade at S$1.25 just after 3pm, with 12.2 million shares changing hands.
In a letter released at mid-day, , SGX asked Hi-P whether it was aware of any possible explanation for the trading activity, including any information not previously announced or the public circulation of information by rumours or reports.
Hi-P responded to SGX's query four hours later, stating that it was not aware of any information not previously announced which might explain the trading. It also confirmed its compliance with the listing rules, in particular, listing rule 703.
The company's latest bourse filings were made on June 30, when it announced that executive vice-president of business development Liu Hsiao-Tsu had been redesignated to chief operating officer (COO) of its Greater China business unit; executive vice-president Jeffrey Tan had been redesignated to COO of the overseas business unit; and that Hi-P had granted 10.3 million options with an exercise price of S$1.08, under its employee share option scheme.
Hi-P is an integrated contract manufacturer for the telecommunications, lifestyle, computing and automotive industries. Its solutions include research and development, precision plastic injection moulding, precision metal stamping, product assembly, mobile terminal antennas, and flexible printed circuitry.
Shares of Hi-P closed at S$1.24 on Monday, up 17 Singapore cents or 15.9 per cent.