Loudong General Nice Resources (China) Holdings (樓東俊安資源（中國）控股有限公司), General Nice Group’s Hong Kong-listed company, has requested the HK stock exchange to halt trading in its shares starting this afternoon, to wait for a company announcement. As I reported on Friday, Loudong GN shares have jumped in the last few days, rising above 70% in less than a week.
General Nice Group CEO Jaffe Lau (柳宇) has aired plans for the group to increase cooperation or even seek mergers with (so far unspecified) Chinese SOEs.
General Nice’s HK listed company reported losses in 2013 and 2014, larger than its accumulated profit in its previous existence under GN’s control. This was due to the unravelling of its Shanxi coal business, something related to more stringent environmental standards being enforced by the local government, as well as to coal price levels more generally. The company has been trying to diversify away from coal, and has purchased an office building in Sydney and rights to oil fields in the US.
The listed company has been through several hands and has a rather interesting history, summarised in a section of my General Nice background article.
General Nice owns the license for the Isua iron mine in Greenland, though not through the HK-listed company.