Hong Kong based retail forex broker KVB Kunlun (HKG:8077) had trading in its shares halted this afternoon Hong Kong time on the HKEx, after seeing unusual trading activity in its shares, sending KVB shares up 35% to an all-time high of HK$0.62.
More than 3.6 million KVB shares traded hands today before the trading halt. On an average day KVB sees volume of just 90,000 shares. KVB shares had actually traded as high as HK$0.75 this morning, up 63% from Monday’s close, before the halt.
The interest in KVB shares, and the move in price upward, seem to be prompted by KVB’s stellar third quarter results release yesterday. KVB’s Q3 revenues of HK$60.5 million (about USD $8 million) were more than Q1 and Q2 revenues combined. KVB’s Q3 net income of HK$10.2 (USD $1.3) more than erased KVB’s first half loss of HK$5 million.
KVB’s third quarter report can be seen here.
The notice of the HKEx halt can be seen here.