Leshi Internet Shares Rise for First Time Since It Resumed Trading
Dou Shicong
DATE:  Feb 08 2018
/ SOURCE:  Yicai
Leshi Internet Shares Rise for First Time Since It Resumed Trading Leshi Internet Shares Rise for First Time Since It Resumed Trading

(Yicai Global) Feb. 8 -- Shares in Leshi Internet Information & Technology Beijing Co. shot up almost 5.4 percent today to snap an 11-day stint at the 10-percent limit down that began when it resumed trading on Jan. 24.

Shares opened at the limit down but leapt as much as 9.54 percent before closing at CNY5.08 (USD0.8), with CNY3.5 billion (USD556 million) worth of shares changing hands in the morning session alone. Stock was worth CNY15.33 a share in April, before the company suspended trading as it and founder Jia Yueting racked up a mountain of debt.

Leshi and its array of affiliates have been struggling to make ends meet since last year. The company forecast a 2017 loss of USD1.8 billion on Jan. 31, the biggest for a private A-share company in over a decade. Jia resigned as chairman of the listed company in July and fled to the US, leaving Sun Hongbin, chairman of property developer and major investor Sunac China Holdings Ltd., to take the reins.

Electronics developer Jiangsu Protruly Vision Technology Group Co. also saw shares pick up today. Stock in the company hit the daily limit down for 29 straight trading days after ending a suspension on Dec. 29, marking the longest plunge in the history of the A-share market. The price closed today up 0.81 percent at CNY2.48.

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Keywords:   Leshi Internet Information & Technology,Jia Yueting,Jiangsu Protruly Vision Technology Group