Name change halts Duolun’s trading
Print Edition
TRADING in Shanghai Duolun Industry Co shares was suspended in Shanghai yesterday by the stock exchange, pending a review of the company’s announcement that it was changing its name.
The Shanghai-based property developer and building materials supplier said on Sunday it will be called Pi Tu Pi Financial Information Service, which refers to peer-to-peer lending. Its actual business relationship with Internet finance wasn’t made clear.
“Without a feasibility study and evidence to show that staffing and operations of the company will be refocused on Internet finance, we are suspending trading to protect the interests of investors,” the Shanghai Stock Exchange said.
Shares of Duolun surged to the daily limit of 10 percent in trading on Monday and Tuesday, lifting its market value to 4.5 billion yuan (US$725.2 million).
The exchange asked Duolun to disclose more information about the new business and report on the last six months of trading activity by board members and company executives. The company’s top 10 shareholders have changed at least three times since the third quarter of last year.
The exchange also asked the company to hold an open shareholders’ meeting to explain changes in its operations.
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