China Gaoxian

Any news on Chinagaoxian? Why such high vol. traded?
Thank you

KRX closed at 0.275 . .. not sure why investors throw down . . .
hope not another S chip problem....
Anyone can share or explain what happen with STI up almost 50 pts...
 

The Company is investigating the matters prompting SGX's queries regarding its trading activities, and will release an announcement in due course to update shareholders.  


--- the wording of the statement suggests strongly that the matter is external to the company. There was something that triggered the selling off, which then prompted the SGX to query, and Gaoxian is now investigating.

Just wonder what they can find out --- if the matter is external to the company. The market does have players who can manipulate stock prices up & down.

DoReMe says:

Just to share what i observed yesterday, not sure of its significance though.

Yesterday, the share price opened at $0.255 and hit $0.26 before a mild sell down to $0.24. The sell down came in big lots, and all about the same time. Then another wave to bring it to $0.225, then in the afternoon to bring it to $0.19

Every sell down was was led by 1 huge sell order of at least 1million (a few were 2-3 million shares), followed by another few sell orders of about 500,000 shares. After every sell down, bargain hunters came in and provided support, but the few waves of sell down were too much.

My own take is this:

1. This was an orderly sell down, nothing panicky at all.
A substantial shareholder reducing its stakes? A fund manager rebalancing its portfolio? A concerted effort by big boys to short? Or an insider with news? Or...?

2. Many players who have bought earlier turned and double their orders to sell so as to cover back their earlier losses. Systematic sell.

3. Retail players, who have no news at all about what is happening got frightened, especially with Hongxing and Hongwei still fresh in their mind further contributed to the selling. Panic sell.

4. The Korea side was trading as per normal, closing just 1% lower. Normal trading.

We will not know what is wrong until the company made its announcement.

Just wondering, CGX just completed a dual listing in Korea and is not due to report its accounts anytime soon. So an accounting irregularity like Hongxing or Hongwei is quite unlikely.

If it was just a simple reason, like a local big boy or a Japanese fund selling, and if the selling is already more or less complete, then it is likely for the share price to recover some of its lost territories when trading resume.

still no news yet into the investigation .....
how long can they halt ? hope not bad news.....
anyone have any latest to share ?
 

This is indeed unnerving; small retail players have bought shares in this company in good faith, this will totally wipe out my confidence in S-shares if it's Supended.
Rgds.