The stock has surged 144% since the start of October to yesterday, on hopes for increased valuations in Korea, where the company hoped investors would be more aware of the China-based high-end fibre maker’s potential, delivering to the sports and casual wear sector and automotive industry.
Gaoxian’s weakness in Seoul is weighing on other stocks lined up for a Korea dual listing; Sunmart (C2J.SG) is down 2.3% at $0.215 with 1.4 million shares traded; the company will submit a fresh application to list on the KRX in April 2011 after it delayed its earlier plans.
Combine Will (F4I.SG) is down 6.4% at $0.295 with 2.1 million shares done; the company in July got approval from the SGX to list of new shares in relation to its Korea dual listing plan.