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B shares tumble on delisting concern
By Ding Yining |
July 30, 2012, Monday
|
Online Edition
Online Edition
THE Shanghai B-Share Stock Price Index tumbled 5.64 percent today after Shenzhen-listed home appliance manufacturer Tsann Kuen (China) Enterprise Co warned it maybe delisted.
The B share index lost 12.27 to 205.22 points after trading down 6.9 percent in the morning session and the Shenzhen B-share Stock Price Index lowered 2.31 percent to 4,212.06.
Tsann Kuen slid the daily limit of 10 percent for the sixth day and closed at HK$0.55 (7 US cents) today. The Fujian-based company has been trading below its face value of 1 yuan for 15 straight trading days since June 9 and is set to trigger the delisting threshold on Friday.
According to Shenzhen Stock Exchange's rules, the shares could be delisted if they continue to close below the face value in the next five trading days, Tsann Kuen said in a statement filing on Friday.
Both Shanghai and Shenzhen stock exchanges have tightened rules against companies facing delisting in recent months. Last Friday, Shanghai Stock Exchange separately introduced tighter requirements on daily fluctuation ceilings on shares of unprofitable companies under the "special treatment" label.
The B share index lost 12.27 to 205.22 points after trading down 6.9 percent in the morning session and the Shenzhen B-share Stock Price Index lowered 2.31 percent to 4,212.06.
Tsann Kuen slid the daily limit of 10 percent for the sixth day and closed at HK$0.55 (7 US cents) today. The Fujian-based company has been trading below its face value of 1 yuan for 15 straight trading days since June 9 and is set to trigger the delisting threshold on Friday.
According to Shenzhen Stock Exchange's rules, the shares could be delisted if they continue to close below the face value in the next five trading days, Tsann Kuen said in a statement filing on Friday.
Both Shanghai and Shenzhen stock exchanges have tightened rules against companies facing delisting in recent months. Last Friday, Shanghai Stock Exchange separately introduced tighter requirements on daily fluctuation ceilings on shares of unprofitable companies under the "special treatment" label.
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