Goldin stocks rise after Hong Kong collapse

GMT 08:15 2015 Friday ,22 May

Arab Today, arab today Goldin stocks rise after Hong Kong collapse

Goldin Properties
Hong Kong - AFP

Hong Kong-listed property, finance and wine trading conglomerate Goldin bounced back Friday, a day after its stocks plunged more than 40 percent, wiping more than $20 billion off their combine market value.

Goldin Financial edged up 3.66 percent and was trading at HK$18.12 ($2.34) Friday while Goldin Properties surged 10.86 percent to HK$15.92. The two firms had surged more than 300 percent since January, according to Bloomberg News.

However, trade has still not been resumed in Hanergy Thin Film Power (HTF), whose shares were suspended Wednesday after plunging nearly 50 percent in less than 30 minutes.

A filing made by Goldin Properties to the Hong Kong stock exchange late Thursday said Chinese billionaire owner Pan Sutong was considering privatising the company.

"The board has been informed by Mr. Pan... that he is still considering the proposals received from the financial institutions about the possible privatisation," the company said in the filing.

"There is no assurance that the possible privatisation or any other transactions relating to the shares and other securities of the company will materialise," it added.

Pan had lost $11.4 billion from his personal wealth, or almost 50 percent, by the end of Thursday, according to Bloomberg Billionaires list.   

The two firms' interests range from property development in Hong Kong and China to vineyards in California and France.

Thursday's dramatic sell-off came after a 47 percent share dive in Beijing-based Hanergy, which had risen more than sixfold in the past year, making it the world's largest solar power company by market value, but prompting questions over its valuation and revenue sources.

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