Saved by the bell: Landing shares drop 35% before trading ends

TAGs: landing international development, Philippines

As the future of Landing International in the Philippines is still somewhat questionable, the company saw its stock price drop heavily on the Hong Kong Stock Exchange (HKSE) before the decision was made to suspend its trading. After the opening bell, the price began to fall and ultimately fell by 35.06% within 90 minutes before being halted at 10:53 AM.

Saved by the bell: Landing shares drop 35% before trading endsWhen trading was halted, the stock was valued at $0.479. When the market closed the day prior, the stock’s price was right at $0.73. Landing said it requested the suspension of trading with the HKSE “pending the release of an announcement in relation to inside information of the company.”

Landing’s filing with the HKSE further explained, “The board is not aware of any reasons for these price and volume movements or of any information which must be announced to avoid a false market in the company’s securities or of any inside information that needs to be disclosed under… the Securities and Futures Ordinance.”

While it is still too soon to start the conspiracy theories, apparently the company’s chairman is missing in action. Yang Zhihui was last seen in Cambodia on Wednesday, and Landing indicated that it was “making attempts to contact Mr. Yang.”

According to a separate source, a photo of a man reported to by Yang was seen on an airport tarmac in Cambodia. In the image, Yang was in handcuffs and was being escorted by two men. So far, there has not been any corroboration on the validity of the image.

On Friday, reports surfaced that the Chinese ex-billionaire has been detained in Phnom Penh over his alleged connection with Chinese state-owned Huarong International Financial Holdings Ltd., whose former chief, Lai Xiaomin, is currently embroiled in a graft probe. According to Inside Asian Gaming, Yang is already back in China.

In light of the news, Landing said in its filing to suspend, “To the best knowledge of the board, the business operations and financial positions of the group are normal. Since the day-to-day business operation and management of the group has been undertaken by the group’s senior management team, the board currently does not expect that the temporary absence of Mr. Yang would have any material adverse impact on the daily business operations and financial positions of the group. The board will further assess relevant impacts on the group.”

Landing has been dealing with the government in the Philippines over plans to build a casino in Manila. It was previously awarded a license to build the casino; however, President Rodrigo Duterte had reportedly nixed the deal. Landing has said that the casino project has not been cancelled and has asserted that it is still moving forward.


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