Xinjiang Ba Yi Iron & Steel shares surge 20%

Xinjiang Ba Yi Iron & Steel shares rose more than 20% cumulatively on August 8 and August 11, prompting an investigation by the company.

The steelmaker said operations remain normal with no material changes in market conditions. The company and its controlling shareholder confirmed no undisclosed major events including asset restructuring, share issuance or debt reorganization that would explain the price movement.