HK shares of China developer Ground Int'l soars after resuming trade

China Changbaishan International Holdings

11/09/2019 03:39

** Shares of Chinese property developer Ground International
Development Ltd  0989.HK  soar as much as 494% to HK$0.60; their
highest since Nov. 22, 2018, after resuming trade on the Hong
Kong stock exchange
    ** Stock plunged 40.6% prior to a trading suspension on
Sept. 9 afternoon
    ** Stock is the biggest percentage gainer on Hong Kong
bourse in early trade on Wednesday 
    ** The shares later trim gain to HK$0.48, still up 375% from
the previous close
    ** Co said Shenzhen Stock Exchange had on Sept. 9 announced
that the company shares had been removed from the list of
eligible stocks for south-bound investment of the Shenzhen-Hong
Kong Stock Connect with immediate effect  urn:newsml:reuters.com:*:nFWN26104U
    ** It also said certain shares, which were placed in
securities trading account with margin facilities and were
indirectly held by its chairwoman Cui Xintong, were forced to
sell on the market due to failure in meeting margin call 
    ** As of the previous close, the stock had fallen 75.7% this
year
    ** Ground International, with current market value of
HK$2.53 bln ($322.65 mln), has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 44.7 percentage
points in the past one month
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  gains 0.7% on Wednesday
    ** The Hang Seng China enterprises index  .HSCE  rises 0.4%,
and the benchmark index  .HSI  climbs 0.3%


($1 = 7.8414 Hong Kong dollars)

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))