Hot stock: Tianjin Zhong Xin jumps 11.7%, gets SGX query

SHARES of Tianjin Zhong Xin Pharmaceutical Group surged more than 11 per cent on Thursday morning, prompting a query from the Singapore Exchange (SGX) on its "unusual price movements".

The counter hit an intraday high of US$1.10 before easing slightly to US$1.05, up 11.7 per cent or US$0.11 before the midday break.

It continued its upward trajectory in the afternoon, rising US$0.13 or 13.8 per cent to US$1.07 as at 2.41pm, with some 5.3 million shares changing hands.

As of August, UOB Kay Hian has a "buy" recommendation on the counter, with a target price of US$1.25.

No married deals were recorded by Thursday afternoon, though a few large trades - each with a value exceeding S$150,000 - were done in the morning session, according to Shareinvestor data.

In a bourse filing, SGX asked Tianjin Zhong Xin 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.

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It also asked the company to confirm its compliance with the mainboard listing rules.

For the third quarter ended Sept 30, Tianjin Zhong Xin's net profit grew 56 per cent to 153.3 million yuan (S$31.1 million) from a year earlier, thanks to lower expenses and a decrease in other losses.

Earnings per share for the quarter stood at 0.20 yuan, versus 0.13 yuan in the corresponding period a year ago. Meanwhile, revenue edged up 1 per cent to 1.67 billion yuan from last year.