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

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.

When 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.”