Investors dump Suntien stock on private placement plan

The company says it intends to sell up to 35% of its existing share capital in the form of new H-shares following a drop in first-half profit.

Hong Kong-listed China Suntien Green Energy Corp took a tumble after the company said on Sunday that it is planning to sell new H-shares through a private placement. The share price fell 9.8% to HK$2.20, which is the lowest it has been since May this year.

The company, a wind power generator and distributor of natural gas, also announced a decline in net profit for the first six months of this year, which may have contributed to the sell-off. The activity in the stock was high with trading volumes at four times the daily average in the past month.

However, the stock was already on a...

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