Fullshare’s rebound falls back after Glaucus issues second report refuting original rebuttal

Fullshare rebounded as much as 19 per cent as trading resumed after the property developer and wind turbine gearbox maker hit back at short-seller Glaucus Research Group California’s accusation that trading of its shares and those of its affiliate have been subjected to manipulation that bolstered its otherwise modest profit.

The rebound fell back in early trading after Glaucus issued another report Thursday morning refuting Fullshare’s rebuttal statement issued on Tuesday, calling it “totally inadequate”.

But a rally was seen just before noon, which was sustained until it closed the day 17.5 per cent higher at HK$2.96, after touching an intraday-high of HK$3. The Hang Seng Index closed flat after losing as much as 0.7 per cent on Thursday.

A hefty HK$1.27 billion of shares turnover was recorded by Fullshare, the highest since early December when it plunged 11.4 per cent.

Property developer Zall Group, a Fullshare affiliate, said Thursday evening that it bought 15 million Fullshare shares from the open market at an average price of HK$2.94 per share, for a total of HK$44 million.

Just over a week ago Glaucus had released a report alleging that share trading in both Fullshare and Zall Group, had been manipulated in the last hour of trading daily since November last year