Chinese machinery maker dismisses reports of share-dealing probe

Tianjin, China – Officials of Tianjin Saixiang Technology (TST) have dismissed reports of there being an investigation into fluctuations in the company share price.

Industry sources have stated that Chinese authorities were investigating dealing in shares of  TST on the Shenzhen Stock Exchange, industry.

TST officials contacted, however, said they were unaware of any investigation regarding dealings in the company’s shares.

Stock prices for the Tianjin-based tire machinery company nosedived from 34 yuan in February to 6 yuan in September, and rose back to 23 yuan in April.

The share-price movements seemed linked to a series of decisions to sell nearly 25 percent of TST’s shares between February and June.

Later in July, TST announced that its controlling shareholder was planning to acquire no more than 10 percent of its shares at no more than 7.2 yuan.