Hong Kong-listed Landing International Development Ltd was forced to issue a trading halt on Thursday after its stock price plummeted 35% in less than two hours.
In a filing to the Hong Kong Stock Exchange, the company said that it was unaware of any specific reason for the plunge but added it had been unable to contact its majority shareholder Yang Zhihui throughout the day. Yang holds a 50.48% stake in Landing through his wholly-owned company and is also Chairman of the board.
Shares opened at HK$5.60 at 09:00 on Thursday but by 10:52 had fallen to HK$3.71 when trading was halted.
“The board of directors of the company noted the fluctuation in the price and trading volume of shares of the company on 23 August 2018 and confirmed that the company has been unable to contact or reach Mr Yang Zhihui,” Landing said in an announcement.
“The company is making attempts to contact Mr Yang.”
However, Landing added that as far as it was aware, “the business operations and financial positions of the group are normal. In addition, since the day-to-day business operation and management of the group has been undertaken by the group’s senior management team, the board currently does not expect that the temporary absence of Mr Yang would have any material adverse impact on the daily business operations and financial positions of the group. The board will further assess relevant impacts on the Group.”
Landing said it has requested trading resume from 09:00 on Friday.
The company earlier this month held a groundbreaking ceremony for its planned US$1.5 billion Manila integrated resort in Manila, but the project remains in doubt after Philippines President Rodrigo Duterte said he would allow no new casinos to be built under his watch.
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