Xinhua Media again locked in a one-word limit-up on October 9, closing at 12.53 yuan per share, with turnover above 3% and a total market value of 13.09 billion yuan. This marked the stock's ninth consecutive trading day at the daily limit. The company previously announced plans to acquire 100% equity in Shanghai Jiemian Cailianshe Technology Co., Ltd. through a share issuance, a deal that constitutes a major asset restructuring. After the market close on October 8, Xinhua Media issued a notice on severe abnormal stock trading and a stock trading risk warning, stating that as of the announcement date, the audit and appraisal work related to the major asset restructuring is still in progress. Taking into account factors including the operating performance, asset scale, future profitability and appraisal pricing of Shanghai Jiemian Cailianshe Technology Co., Ltd., the current share price increase has also deviated severely from the listed company's fundamentals, and there is a risk that the share price may fall rapidly in the future. The company said the major asset restructuring is subject to significant uncertainty, that it will disclose transaction progress in accordance with relevant rules, and reminded investors to pay attention to investment risks. Xinhua Media also said that if the company's share price continues to rise abnormally, it may apply for a trading suspension for verification.
Shanghai Xinhua Media Co LtdXinhua Media plans a share-issuance acquisition of 100% of Jiemian Cailianshe, a major asset restructuring still subject to audit, appraisal and significant uncertainty.
