HK regulator warns over China New City shareholder concentration

China New City

19/10/2015 09:36

HONG KONG, Oct 19 (Reuters) - Hong Kong's securities 
regulator warned on Monday over a high concentration of 
shareholders in real estate developer China New City Commercial 
Development. 
    The Securities and Futures Commission said a group of 15 
shareholders owned 98.94 percent of the company, according to a 
September investigation. A large number of shares concentrated 
among a small number of shareholders can cause a company's share 
price to fluctuate substantially. 
    China New City's shares jumped 248.8 percent between Aug. 24 
and Sept. 18 this year and have since climbed a further 16 
percent as of Oct. 16, the commission said.  
     
 
 (Reporting by Michelle Price; Editing by Edwina Gibbs) 
 ((michelle.price@thomsonreuters.com; +852-2847-2095; Twitter: 
@michelleprice36;)) 
 
Keywords: CHINA NEW CITY REGULATOR/