SCMP bemused by share spike

Hong Kong’s stock exchange halted trading in SCMP Group yesterday after its shares soared almost 23% in morning trading.

The company, which publishes the city’s leading English-language newspaper, The South China Morning Post, said later in the day that it was “not aware of any reasons” for the sudden interest in its shares and that there was no inside information that needed to be disclosed.

However, it then went on to say that it is “in negotiation with third parties regarding possible acquisition of a group of media companies in Hong Kong”, noting that the talks were at an early stage and a deal may not materialise....