Jahwa United Declines on Resumption After 9-Month Trading Halt
Shares of Shanghai Jahwa United Co., a cosmetics and household goods maker, fell the most in five years in Shanghai today after a nine-month trading suspension was lifted.
Jahwa United fell as much as 11 percent, the most on an intraday basis since July 24, 2006, to 33.19 yuan before trading at 33.80 yuan at the 11:30 a.m. break. The stock was halted in December as its state-owned parent, Shanghai Jahwa Group, was in talks to sell its 29 percent stake.
The Shanghai Composite Index has lost 12 percent since Dec. 3, the last day Jahwa United traded before its suspension. The cosmetics maker today said the Shanghai government plans to sell its 100 percent stake in Shanghai Jahwa Group for 5.1 billion yuan ($782 million) through an auction starting today, according to a statement to the stock exchange.
“It’s a catch-up decline after the suspension of trading as the market has fallen by more than 10 percent during the period,” Liu Jinhu, a Shenzhen-based analyst at Sealand Securities, said in a phone interview. “The company’s fundamentals are still very good.”
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