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Companies Dump Shares In Liquidity Quest
By Lydia Chen |
September 30, 2011, Friday
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Print Edition
Print Edition
SLUMPING mainland 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.
So far this month, senior executives of 102 A-share listed firms have cut their reserves of company shares, cashing in a total of nearly 3.96 billion yuan (US$622 million), according to data compiled by Wind Information.
Fifteen of those firms have raked in more than 100 million yuan by dumping their shares, the Shanghai-based financial researcher said.
Shanghai Duolun Industry, for example, has sold up to 10 percent of the company's tradable shares so far this month. The real estate developer's share price has jumped to more than 14 yuan per share from 6 yuan since early July after market rumors the company planned to enter the mining business.
The firm sold its shares at an average price of about 10 yuan. The company lost 0.22 percent yesterday to close at 8.92 yuan. The company said in a statement it cannot rule out the possibility it will dump more shares over the next 12 months.
The Shanghai Composite Index has dropped more than 16 percent so far this year, following a 14.3 percent dive last year.
So far this month, senior executives of 102 A-share listed firms have cut their reserves of company shares, cashing in a total of nearly 3.96 billion yuan (US$622 million), according to data compiled by Wind Information.
Fifteen of those firms have raked in more than 100 million yuan by dumping their shares, the Shanghai-based financial researcher said.
Shanghai Duolun Industry, for example, has sold up to 10 percent of the company's tradable shares so far this month. The real estate developer's share price has jumped to more than 14 yuan per share from 6 yuan since early July after market rumors the company planned to enter the mining business.
The firm sold its shares at an average price of about 10 yuan. The company lost 0.22 percent yesterday to close at 8.92 yuan. The company said in a statement it cannot rule out the possibility it will dump more shares over the next 12 months.
The Shanghai Composite Index has dropped more than 16 percent so far this year, following a 14.3 percent dive last year.
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