Landing says no news of chairman as stock plunges

Landing International Development shares recovered some ground on Wednesday after an almost 30 percent plunge the prior day. 

The company, which operates an IR on Jeju Island in South Korea, was forced to put out a notice to the Hong Kong Stock Exchange saying it had noted the price movement and unusual volume, but was not aware of any reason for the decline and had no information to disclose to shareholders.

Landing confirmed in the release that its Chairman, Yang Zhihui, is still missing and can’t be contacted.

The company announced on August 23 that Yang could not be found, with local media in Cambodia subsequently reporting a few days later that he had been arrested there. There has been no confirmation of his detention.

The news sent the share price spiralling, losing two thirds of its value.

Investors had already been selling off Landing shares since early August after Philippine President Rodrigo Duterte abruptly announced he was pulling a planned project in Manila just as executives had gathered for a ground-breaking ceremony, citing anomalies in the land lease contract.

The shares closed up 5.5 percent at HK$1.90 on Wednesday.