Shanghai DZH soars despite review halt
Print Edition
SHARES of Shanghai DZH Ltd soared to the daily limit yesterday despite the decision by China’s securities regulator to halt a review of its acquisition plan, triggering confusion among investors and analysts.
Shanghai DZH, a financial information services provider, saw its share price rise by 10 percent to 28.40 yuan (US$4.6). Around 5.7 billion yuan worth of shares changed hands, accounting for 10 percent of the company’s total market capitalization.
The price surge came after the company received a China Securities Regulatory Commission notice on Monday that the regulator has suspended the review of its plan to by 100 percent of Xiangcai Securities for 8.5 billion yuan, according to a filing to the Shanghai Stock Exchange yesterday.
The statement added insult to injury for Shanghai DZH, which was put under investigation by the CSRC last month over alleged malpractice in information disclosure.
“The news is definitely a negative factor for the company as the acquisition plan is unlikely to be rebooted in the short term,” Zhang Qi, an analyst with Haitong Securities, told Shanghai Daily. “The price surge doesn’t make sense.”
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