Shares in China Rongsheng Heavy Industries Groupplunged yesterday following a profit warning and news that a separate company owned by its billionaire chairman was the subject of an insider trading inquiry in the US, writes Enid Tsui.
The Chinese shipbuilder’s stock fell 16.4 per cent in Hong Kong after the US Securities and Exchange Commission on Friday filed a complaint against Well Advantage, a privately held company controlled by Zhang Zhirong.
The regulator alleges that Well Advantage of Hong Kong and unnamed traders bought shares in Nexen, a Canadian oil group, based on inside information days before it agreed to a $15bn takeover by China’s Cnooc.
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