Stocks to watch: Yangzijiang Financial, Cordlife, mm2 Asia, Nio

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Thursday (Oct 2):

Yangzijiang Financial : The investment management company said on Wednesday that it has entered into an agreement, along with its two of its strategic investors, to lead the restructuring of Chinese lithium battery producer Ningbo Shanshan. The parties have formed an investment holding platform to acquire 223.3 million shares of Shanshan at 11.44 yuan per share, which translates to 9.9 per cent of Shanshan’s total share capital. The group will contribute 1.02 billion yuan (S$184.4 million) and hold a 40 per cent interest in the platform. Its shares closed 1.7 per cent or S$0.02 lower at S$1.18 on Wednesday, prior to the announcement. 

Cordlife : The cord-blood bank is assessing risks and uncertainties that could impact its ability to continue as a going concern as it faces a potential one-year suspension, it said on Wednesday. The Ministry of Health issued the suspension on Monday after an audit found that Cordlife failed to comply with regulatory requirements. The company said it will provide an update on the outcome of the assessment, which is expected to be completed by the end of the week. Shares of Cordlife ended flat at S$0.215 on Sep 26, before the company called for a trading halt on Sep 29. The trading of its shares will resume on Oct 2.