More LED Manufacturers Suspend Trade on China’s Bourse
Following China’s stock market nosedive in recent weeks, more domestic listed companies have chosen to suspend trade. More than 760 listed companies combined have suspended trade on the Shanghai and Shenzhen bourses as of July 7, which is roughly equivalent to 27% of the total companies listed on both bourses. More than 100 companies applied for trade suspension on July 6 alone.
Among trade suspension applications, several were listed LED companies, such as ETI, Shanghai Felio Acoustics, and Kingsun, which all suspended trade on July 7. More LED manufacturers have followed suit and suspended trade today.
Latest LED manufacturers to suspend trade include San’an Opto, Kingsun, MTC, Moso Power, Aoto Electronics and others. Three LED manufacturers have halted trade on the stock market, due to important business events or projects to be announced. For instance, Aoto Electronics seems to be planning the acquisition of an online education company. MTC plans to initiate an employee stock option project. In addition, it will be voting on non-public issuance of A-shares at a shareholders meeting, and intends to add a new buyer. According to Chinese regulations, the company needs to reimplement the decision making process and amend its non-public issuance of A-shares plan. Aoto Electronics and Moso Power have suspended trade mainly because the companies are planning to launch employee stock option or scale up management levels shareholdings in the company.
Industry insiders noted, some manufacturers trade suspension was caused by important business events, but others using similar excuses to halt trade are mostly trying to temporarily avoid plummeting share prices caused by the volatile Chinese stock market.
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