Fullshare comes back

Business | Carrie Chen 5 May 2017

Shares of property developer Fullshare Holdings jumped 17.46 percent to close at HK$2.96 after trading resumed yesterday - even after a US short seller continues to allege the firm's stock is manipulated.

On April 25, Glaucus Research Group California labelled Fullshare as "one of the largest stock manipulation schemes trading on any exchange anywhere in the world."

After the report, the stock dropped 11.89 percent to HK$2.52 and trading was halted.

Fullshare denied Glaucus' allegations on Tuesday, saying in a filing to the Hong Kong stock exchange that the report "comprises statements which are misleading, biased, selective, inaccurate and incomplete," as well as making groundless allegations and irresponsible speculations.

The firm also said that Glaucus does not understand the disclosure requirements and thresholds under the listing rules and Hong Kong financial reporting standards.

But Glaucus maintained its position, saying the response from Fullshare "is totally inadequate," and fails to present any "meaningful rebuttal"to explain questionable trading patterns in the final hour of trading.

Glaucus continued to value Fullshare's stock at 55 HK cents per share on a price to recurring earnings ratio basis, and 77 HK cents per share on a price-to-book ratio basis.

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