Investors lift media firm shares
By Ding Yining |
October 20, 2012, Saturday
|
Print Edition
Print Edition
SHARES of Wasu Media Holding Co rose more than seven times yesterday on the Shenzhen Stock Exchange following the completion of a backdoor listing.
The stock was actively traded as the market believed the price was undervalued compared with the shell company which had halted trading since April 2006.
The stock closed at 14.42 yuan (US$2.29), more than seven times the 2 yuan offering price of its private placement. Trading was even halted for an hour as the stock jumped by the 10 percent cap from its opening price of 12 yuan as soon as the market opened.
Zhejiang Genuine Unicom New Material Group Co, the shell company, had three straight years of net losses from 2003 to 2005 and last traded at 1.26 yuan in 2006. It underwent a major stake revamp which saw Wasu Media Holding become a controlling shareholder.
The stock was actively traded as the market believed the price was undervalued compared with the shell company which had halted trading since April 2006.
The stock closed at 14.42 yuan (US$2.29), more than seven times the 2 yuan offering price of its private placement. Trading was even halted for an hour as the stock jumped by the 10 percent cap from its opening price of 12 yuan as soon as the market opened.
Zhejiang Genuine Unicom New Material Group Co, the shell company, had three straight years of net losses from 2003 to 2005 and last traded at 1.26 yuan in 2006. It underwent a major stake revamp which saw Wasu Media Holding become a controlling shareholder.
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