Chinese property developer Jiayuan International said that a total of 1.348 million shares in the company were forcibly sold by a securities company on Friday when the stocks tumbled more than 41% before the trading was suspended.
The shares held by Mingyuan Group Investment Ltd, a controlling shareholder of Jianyuan, which is ultimately controlled by the company’s chairman Shum Tin Ching, were forcibly sold in the open market on 18 May by a securities company through a margin securities account due to a plunge in the value of the securities and the failure in meeting the margin requirement.
The Board said that the company/s business operation remains normal and the company continues to operate its business in its ordinary and usual course.
