Pan’s Goldin Stocks Jump in Hong Kong After Last Week’s RoutKana Nishizawa
Goldin Properties Holdings Ltd. and Goldin Financial Holdings Ltd., controlled by billionaire Pan Sutong, jumped after steep declines last week.
Goldin Properties surged as much as 52 percent, the most since 2007, and traded up 44 percent at HK$21.70 at 3:47 p.m. local time. Goldin Financial rose 9.3 percent to HK$18.50.
“There’s no need for any reason” for the moves, said Steven Leung, Hong Kong-based director of institutional sales at UOB Kay Hian Ltd. “This stock has been volatile for quite a long time.”
The Goldin companies tumbled more than 40 percent on Thursday, with no explanation given for the decline. The plunges, along with that of Hanergy Thin Film Power Group Ltd., have prompted calls from investors for more regulatory oversight in Hong Kong.
“The board confirms that it is not aware of any reasons for these price and trading volume movements or of any information which must be announced to avoid a false market in the company’s securities,” Goldin Properties said in a regulatory filing Tuesday.
Goldin Properties had surged 383 percent this year through Wednesday, the steepest rally on the Hang Seng Composite Index. Pan said in an interview that he wasn’t buying shares in the run up for both of his companies, nor did he know why the stocks had jumped.
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