Hot Stock: Yangzijiang up 4.42% on heavy volume

YANGZIJIANG Shipbuilding's stock rebounded on Wednesday, rising 4.42 per cent or four Singapore cents on the day to settle at 94.5 cents as at 3.06pm.

It had earlier hit an intra-day high of 95.5 cents between 2.10pm and 2.35pm.

Volume traded amounted to 47.1 million shares, making it the most heavily traded counter on the Singapore bourse by the afternoon.

Shares in China's largest non-state owned shipbuilder have been active on numerous sessions since August.

On Aug 1, global shipping news service TradeWinds posted an article subtitled "Chairman of Yangzijiang Shipbuilding founder Ren Yuanlin's charitable foundation becomes a target of Xi Jinping's anti-corruption commission".

According to the article, Liu Jianguo, an industry veteran closely connected to Yangzijiang, was being probed for disciplinary violations since June this year by Beijing's powerful anti-graft body.

In mid-August, Yangzijiang said the board granted Mr Ren leave to assist in a confidential investigation carried out by Chinese authorities.

Separately, media reports on Wednesday afternoon noted that Hong Kong leader Carrie Lam plans to formally withdraw the extradition bill that sparked the city's months-long protest crisis. Ms Lam has called a 4pm meeting with pro-establishment politicians, the South China Morning Post reported.