SING Tao Holdings is engaged principally in publishing, with its titles including the Sing Tao Daily and the Hong Kong Standard.

This time last year, SBC Warburg placed a buy on the stock, saying the company would benefit from an increase in advertising revenue.

This proved poor advice as shares have fallen due to concern about the company's outlook - even though earnings enjoyed a surge on speculation major shareholder Sally Aw Sian was selling out.