SGX RegCo warns investors on trading China Haida shares

Its share price leapt 150% to $0.01 on 16 December.

The Singapore Exchange Regulation (SGX RegCo) told investors to exercise caution when dealing in China Haida Ltd (CHL) shares, according to an announcement.

The on-market volume of CHL shares surged to 4 million on 16 December, when there were only three active trading days in the three months prior with total traded volume of 576,000 shares.

At the same time, its share price leapt 150% to close at $0.01 compared to the last trade price of $0.004. Between 16 December and 6 January, the volume traded and price remained at an average daily level of 1,722,400 shares and $0.011 respectively.

SGX RegCo's also found that trades by a small group of market participants accounted for a significant portion of the total volume traded around this time.

The company announced on 17 December about revising the terms of a rights issue.