Yangzijiang Financial soars 8.3% to record high, tops SGX as most-traded counter

[SINGAPORE] Shares of Yangzijiang Financial hit an all-time high on Friday (Sep 12) morning, as the investment management firm ranked as the top-traded stock on the Singapore Exchange (SGX).

As at 9.43 am, the counter climbed 8.3 per cent or S$0.09 from Thursday’s S$1.08 close to S$1.17, with some 24.8 million shares transacted.

This was the highest price Yangzijiang Financial shares have reached since its spin-off from Chinese vesselmaker Yangzijiang Shipbuilding in April 2022, ShareInvestor data showed.

By 10.51 am, it eased to S$1.16, still up 7.4 per cent or S$0.08. With close to 33 million shares changing hands, it was the most heavily traded counter on the SGX by volume.

Yangzijiang Financial will be added to the Straits Times Index’s reserve list from Sep 22. This list comprises the five highest-ranking non-constituents of the index by market capitalisation.

Its market cap stood at S$3.76 billion as at Thursday, SGX data indicated.

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The company in August recorded a 28 per cent rise in its first-half net profit, which stood at S$137.7 million, compared with S$107.4 million in the year-ago period.

In April, it said it was mulling a spin-off of its maritime investment segment into a newly incorporated entity with a separate listing on the SGX mainboard.

Yangzijiang Financial’s principal businesses comprise investment management and debt investment.