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Maotai shares re-open for trading

(Xinhua)
Updated: 2007-05-14 14:48

Trading of Maotai's shares on the Shanghai Stock Exchange resumed on Monday, with still no clear explanation of why they were suspended in the first place.

Trading was suspended last Thursday, amid speculation that the company's General Manager, Qiao Hong, was under investigation by the Communist Party's Guizhou Provincial Commission for Discipline Inspection (PCDI).

Both the company and the Guizhou PCDI have refused to comment on the rumors or why trading had been suspended.

Maotai did however, announce on Monday that Qiao had left the company to take up a position as Deputy Director of the Guizhou Provincial Committee of State Assets Administration (PCSAA). The company refused to elaborate on the reason behind his departure. His appointment was later confirmed by the Guizhou PCSAA.

Maotai share prices fell by 4.7 percent last Wednesday, before they were suspended from trading on Thursday. Trading resumed at 10:30 am on Monday - an hour later than usual - reopening at 93.6 yuan (12.08 US dollars) and reaching a high of 100 yuan, a 6.41 percent rise.