Wanxiang Denong Flags Abnormal Trading After 3-Day 20% Share Price Surge

Wanxiang Denong said on September 8 that its shares had an abnormal trading pattern after the cumulative deviation in its closing price over September 4, 7 and 8 exceeded 20%, according to Jiemian News. The company said its share price has diverged sharply from industry conditions and operating performance, and that its core business is highly concentrated in corn hybrid seeds, which account for a large share of revenue. It added that its results are closely tied to corn seed policy and market conditions as well as natural conditions, while the overall corn seed market remains oversupplied, competition is intense, extreme weather has been frequent, and product prices are at low levels. Wanxiang Denong said there has been no major change in its fundamentals, market conditions or industry policy, and warned investors to pay attention to secondary-market trading risks and invest prudently.