Leshi Internet Information & Technology Corp resumed trading on Friday on China's Nasdaq-like ChiNext market after a nearly six-month suspension, as the online video giant gained government approval to finance its move into new business.
The company's shares fell less than 1 percent in morning trading, amid the ChiNext index's 18 per cent decline over the past six months. Leshi – the second largest company on ChiNext in terms of market value – this morning saw its trading volume hit a record high since it was listed in 2010.
In a statement on Thursday, Leshi said its stocks were cleared to resume trading after regulators approved a deal for it to buy Le Vision Pictures for 9.8 billion yuan ($1.5 billion) in a cash and shares deal. It said it would then issue another 5 billion yuan for working capital.
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