SGX RegCo has issued a query on Yinda Infocomm's trading activity after its share price surged as high as 27.5 cents this morning, an increase of 37.5% from last close.
The spike followed an announcement by the company that its investee company TECH5, a provider of biometrics solutions, has joined the ID2020 Alliance, a global public-private partnership that advocates for ethical implementation of digital identity solutions.
Following the announcement, Yinda Infocomm’s share price saw a jump to 24.5 cents or 20% higher from last close on the back of high trading volume, before further climbing to 27.5 cents and triggering the query at 10.21am.
This isn't the first time this year that the company's share price has been under scrutiny. On March 30, a trade with caution alert was issued by SGX RegCo on Yinda Infocomm, with the former highlighting that the latter's shares had climbed 181% to 14.9 cents between Sep 24, 2020 to March 30.
SEE:SGX RegCo issues trade with caution on Yinda Infocomm following 181% share price surge
In the alert, SGX RegCo noted that between last Sept and Jan, five key corporate actions were announced by Yinda Infocomm where the volume weighted average price of its shares was integral to the transactions.
SGX RegCo also observed that the same person acted as the introducer in all five of the announcements. The person wasn’t named by SGX but in the company’s previous filings, the introducer was a Hong Kong entity called Precious Glory Enterprises whose directors are one Tan Chin Tuan and Li Jingjing. SGX RegCo’s review of the trades in Yinda Infocomm shares further showed that a group of accounts, likely connected to the introducer, appeared to be influencing the share prices of the company.
As at 10.54am, shares in Yinda Infocomm are up 6.5 cents or 32.5% at 26.5 cents.
