Hot stock: SGX queries Sino Grandness after share price tumbles nearly 24%

THE Singapore Exchange queried Sino Grandness Food Industry Group after the share price of the Chinese canned fruits and vegetables supplier tumbled almost 24 per cent on Wednesday.

Sino Grandness hit S$0.16 a share before recovering to hover around S$0.17, down four Singapore cents, or 19 per cent, by 1.47pm. More than two million shares changed hands.

Last Friday, the mainboard-listed group reported that its net profit for the second quarter ended June 30, 2017 fell 33.4 per cent to 105.1 million yuan (S$21.5 million), compared to 157.7 million yuan a year ago due to weaker demand for its beverage and canned products. Revenue slipped 16.7 per cent to 939.9 million yuan. However, the group was optimistic about its operating performance for FY2017.