Related News
Firms dump shares as market slump deepens
By Lydia Chen |
September 29, 2011, Thursday
|
Online Edition
Online Edition
THE Chinese mainland's slumping stock markets have not only scared off small investors but also worried senior executives of listed firms who are scrambling to dump their company shares in exchange for quick money.
From the start of the month until yesterday, senior executives of 102 A-share listed firms have cut back their stockpiles of company shares, raking in a total of nearly 3.96 billion yuan (US$622 million) in cash, according to data compiled by Wind Information Co.
Fifteen of those firms have earned more than 100 million yuan from the share dumping, the Shanghai-based financial research firm said.
Shanghai Duolun Industry Co has dumped up to 10 percent of its tradable shares so far this month – mainly because it is not confident in its future performance.
The stock price of the real estate developer has jumped to more than 14 yuan per share from 6 yuan in early July after rumors circulated that the company was going to branch into the mining industry.
The firm dumped the 10 percent of its tradable shares at an average price of around 10 yuan. The company lost 0.22 percent to close at 8.92 yuan today.
It added in its statement that the company could not rule out the possibility that it would dump shares again in the next 12 months.
The Shanghai Composite Index, the benchmark that tracks the larger mainland markets, has tumbled more than 16 percent so far this year, following a 14.3 percent dive last year.
From the start of the month until yesterday, senior executives of 102 A-share listed firms have cut back their stockpiles of company shares, raking in a total of nearly 3.96 billion yuan (US$622 million) in cash, according to data compiled by Wind Information Co.
Fifteen of those firms have earned more than 100 million yuan from the share dumping, the Shanghai-based financial research firm said.
Shanghai Duolun Industry Co has dumped up to 10 percent of its tradable shares so far this month – mainly because it is not confident in its future performance.
The stock price of the real estate developer has jumped to more than 14 yuan per share from 6 yuan in early July after rumors circulated that the company was going to branch into the mining industry.
The firm dumped the 10 percent of its tradable shares at an average price of around 10 yuan. The company lost 0.22 percent to close at 8.92 yuan today.
It added in its statement that the company could not rule out the possibility that it would dump shares again in the next 12 months.
The Shanghai Composite Index, the benchmark that tracks the larger mainland markets, has tumbled more than 16 percent so far this year, following a 14.3 percent dive last year.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
