Movement Alert|COSCO Shipping Energy Rises 3.21% in Regular Trading, Special Shareholders Meeting Approves Qatar Energy Phase 2 Guarantee Resolution

Market Focus07-21

On July 21, COSCO Shipping Energy Transportation (01138.HK) rose 3.21% in regular trading, trading at HKD 12.23 per share, with turnover of approximately HKD 78.26 million.

On the news front, the company held a special shareholders meeting on July 20, where both resolutions were approved with overwhelming support. The meeting passed the Qatar Energy Phase 2 single-vessel company charter performance guarantee proposal and the appointment of Wang Mingfeng as executive director. A total of 3,077,636,029 shares participated in voting, representing 56.25% of total issued shares. The business expansion signal from the Qatar Energy Phase 2 project continues to bolster market confidence.

The stock had experienced a significant cumulative decline since early July due to Strait of Hormuz navigation uncertainties and consecutive reductions by BlackRock, whose H-share stake dropped from 9.38% to 8.51%. With negative catalysts gradually digested and H1 net profit forecast at approximately RMB 4.5 billion (up 141% YoY), the oversold rebound demand continues to be released.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment