Yangzijiang Erases Third of Market Value Amid Chairman Absence
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Yangzijiang Shipbuilding Holdings Ltd. has lost about one-third of its market capitalization as its chairman takes a leave of absence to help an investigation of the company by Chinese authorities.
The Singapore-listed Chinese shipbuilder dropped as much as 27% on Thursday to its lowest level since November 2016 as the exchange lifted a trading halt imposed a week ago after a similar-sized plunge. The two-session slide has erased S$1.7 billion ($1.2 billion) in market value.