SINGAMAS CONT (00716) saw its share price drop more than 11% upon the resumption of trading. As of the time of writing, the stock was down 11.86%, trading at HKD 0.52 with a turnover of HKD 10.01 million.

The decline follows a company announcement on the evening of May 20th. The announcement stated that SINGAMAS CONT has taken note of the U.S. Department of Justice publicly announcing criminal antitrust charges against several container manufacturing companies and certain individuals. The charges reportedly involve the group, its Executive Director, Chief Administrative Officer, and Chairman Zhang Songsheng, as well as one group employee who is not a director or senior officer.

The company clarified that, as of the announcement, neither the group nor Zhang Songsheng has been served with any legal proceedings or other legal documents by the U.S. Department of Justice regarding this matter. The group has stated it has appointed external legal counsel to advise on the matter and its potential implications. The board of directors believes that business operations and daily activities continue as normal in all material respects.