SEVERAL DIRECTORS of two chemical producers have been busy buying their shares, especially in the market downturn of this year.
At China Sunsine, its chairman, Mr Xu Chengqiu, 63, bought 1,631,000 shares in his own name in the past six weeks.
He also holds a deemed interest in 293,174,550 shares – or a 62.4% stake - held by Success More Group. Mr Xu owns 74.3% of Success More.
China Sunsine (IPO price: 39 cents) listed on the Singapore Exchange in July 2007. It counts all the top 10 tyre manufacturers of the world as customers for its “rubber accelerators” which are chemicals necessary for making tyres.
For the 9 months ended 30 September 2007, China Sunsine’s revenue grew 26.4% to RMB 440.0 million, while profit after tax grew 24% to RMB 53.3 million.
| Date of purchase | No. of shares bought | Average price | |
| XU CHENGQIU | 23-01-2008 * | 340,000 | 25.63 cts |
| 22-01-2008 * | 299,000 | 24.32 cts | |
| 18-01-2008 | 363,000 | 27.31 cts | |
| 17-01-2008 | 161,000 | 25.40 cts | |
| 11-12-2007 | 225,000 | 31.91 cts | |
| 10-12-2007 | 243,000 | 31.20 cts | |
| Total: 1,631,000 * |
*Updated on Jan 24.
Recent NextInsight story: CHINA SUNSINE: Picking up pace to be world's No.1
At Sunvic Chemical, its CEO, Sun Liping, bought 3,360,000 shares of the company in the past four months.That raised his deemed interest in the company to 328,192,241 shares, or 54.39 %.
Four other directors of the company have also been making purchases. Their stakes, however, are relatively small, with the highest being 1.86 million.
Sunvic (IPO price: 30 cents) listed on the Singapore Exchange in February 2007.
It manufactures acrylic acid and acrylate esters in the PRC. These are fundamental ingredients used in the production of many useful and important industrial and consumer products.
For the 9 months ended 30 September 2007, Sunvic’s revenue grew 28.8% to RMB 1.2 billion, while profit after tax fell 44.4% to RMB 47.5 million.
| Date of purchase | No. of shares bought | Average price | |
| SUN LIPING | 18-01-2008 | 800,000 | 21.44 cts |
| 17-01-2008 | 1,200,000 | 21.75 cts | |
| 02-10-2007 | 1,000,000 | 40 cts | |
| 10-09-2007 | 1,360,000 | 30.396 cts | |
| JIAO XINGKUN | 11-01-2008 | 500,000 | 27.94 cts |
| 21-11-2007 | 135,000 | 28 cts | |
| ZHU WULING | 21-11-2007 | 1,860,000 | 28.69 cts |
| YANG GUOQIANG | 21-11-2007 | 1,010,000 | 28.99 cts |
| TEO YI-DAR | 04-10-2007 | 50,000 | 37 cts |
| 30-08-2007 | 50,000 | 26 cts |
