Hot stock: Yangzijiang Financial down close to 9% on lacklustre trading debut

SHARES of Yangzijiang Financial Holding (YZJFH) plunged on its second day of trading, after its lacklustre trading debut on Thursday (Apr 28).

The counter dropped 8.9 per cent or S$0.055 to S$0.565 as at 9.29 am on Friday, with close to 20.7 million securities changing hands.

Trading continued hovering at these levels before climbing back up to S$0.59 towards the end of the first hour of the session.

No married deals were recorded in early trade, according to data from ShareInvestor.

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 as it made its trading debut on the Singapore Exchange mainboard on Thursday afternoon. About 170.1 million shares worth S$106.6 million were traded on its first day.

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YZJFH was spun off from Straits Times Index constituent Yangzijiang Shipbuilding. The spin-off and separate listing of the shipbuilder's investment segment was initiated with the aim of unlocking value for the company’s shareholders.