The Shenzhen Stock Exchange has opened an inquiry into trading last week in shares of CAMC, an engineering company that floated on June 19 in the first initial public offering of the year. The inquiry follows allegations that the share price was manipulated by some investors on the first day of trading. The share price of the medium-sized company quadrupled from US$0.92 to US$4 on the first day of trading, hitting a peak of US$6.25 an hour before close. In the five trading days since, shares have dropped by the maximum 10% each day to close at US$2.35 on Monday.
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