General Announcement::SGX RegCo urges caution when dealing in shares of China Haida Ltd.
Issuer & Securities
CHINA HAIDA LTD.
CHINA HAIDA LTD. - SG1Q42922142 - C92
Date &Time of Broadcast
Announcement Sub Title
SGX RegCo urges caution when dealing in shares of China Haida Ltd.
Submitted By (Co./ Ind. Name)
SINGAPORE EXCHANGE REGULATION PTE. LTD.
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange Regulation ("SGX RegCo") urges investors and potential investors to exercise caution when dealing in shares of China Haida Ltd ("CHL").
On 16 December 2019, the on-market volume of CHL shares surged to 4,007,600 shares. In comparison, there were only 3 active trading days in the 3 months prior with total traded volume of 576,000 shares.
Also, on 16 December 2019, the share price rose by 150% to close at $0.010 compared to the last trade price of $0.004. Between 16 December 2019 and 6 January 2020, the volume traded and price remained high at an average daily level of around 1,722,400 shares and $0.011 respectively.
SGX RegCo's review of the trading activity showed that trades by a small group of market participants accounted for a significant portion of the total volume traded between 16 December 2019 and 6 January 2020.
SGX RegCo notes that an announcement was released by the Company on the revision to the terms of a rights issue on 17 December 2019. We are reviewing the trades in CHL shares and will take the necessary actions including referring the case to statutory authorities where warranted.