HK Stock Market Move | SINGAMAS reopens trading with a drop of over 11%, company says it has appointed external legal advisors regarding the U.S. accusations of monopoly.

SINGAMAS CONT (00716) resumed trading and fell more than 11%, with a drop of 11.86% to HK$0.52 at the time of writing, with a turnover of HK$10.01 million. On the news front, on the evening of May 20, SINGAMAS CONT announced that it had noticed the U.S. Department of Justice publicly announcing criminal antitrust charges against several container manufacturing companies and individuals, including the group, Executive Director and CEO Zhang Songsheng, and a group employee who is not a director or senior manager. The announcement stated that both the group and Zhang Songsheng have not received any legal proceedings or other legal documents from the U.S. Department of Justice regarding this matter. The group has appointed external legal advisors to handle the matter and its potential impact. The board of directors believes that the business operations and daily activities continue to be maintained in a normal manner in all major aspects.