Publishing company Sing Tao ended sharply lower yesterday after the company's controlling shareholders refuted talk they were selling out to a Malaysian concern.
The shares, suspended from trade on Wednesday pending a statement, ended 6.58 per cent lower at $3.55.
On Tuesday, they had jumped 11.8 per cent to $3.80 on speculation Malaysian firm Hong Leong Group would take control in a deal said to be worth $4.23 a share.
Sing Tao publishes the Sing Tao Daily and the English-language Hong Kong Standard.
Newspaper publisher Culturecom, in which Sing Tao holds a 43 per cent stake, also dropped, ending 5.56 per cent weaker at 34 cents after surging 14 cents on Wednesday.
Culturecom publishes the Chinese-language newspaper Tin Tin Daily News.