SPDB SHARES TUMBLE ON REPORTED REFINANCING PLAN
AsiaInfo Services, February, 2008
AsiaInfo Services 02-22-2008 SPDB Shares Tumble on Reported Refinancing Plan SHANGHAI, Feb 22, 2008 (SinoCast via COMTEX) -- The Chinese yuan-denominated A shares of Shanghai Pudong Development Bank (SPDB)closed limit-down on Wednesday due to the reported new share offering. The shares opened lower and continued to sink.
They soon touched limit-down due to the heavy sell-off by institutional investors. According to Shanghai Stock Exchange statistics, turnover in SPDB shares was as high as CNY 3.41 billion and trading volume was 73.31 million shares. Four out of the top five institutional investors in the bank bought in a total of CNY 236 million shares and the asset management unit of Guosen Securities bought CNY 46.18 million shares. But the sell-off by the top...
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