Between Aug 18 and Aug 24, Sinostar PEC Holdings executive chairman and CEO Li Xiang Ping acquired 1.4 million shares at an average price of S$0.138 per share. With a consideration of S$193,681, this increased his deemed interest in the China-based producer and supplier of downstream petrochemical products from 57.91 per cent to 58.13 per cent.

 

Li noted in late April that as a producer of basic chemical raw materials, Sinostar PEC benefits from strong and growing demand in China, as well as stable raw material supply, advanced production technology, and an extensive marketing network.

 

He added that Sinostar PEC has made significant progress in optimising its entire value chain and in developing new products to meet customer and market demands.

 

For its second-quarter FY2023 (ended Jun 30) Sinostar PEC Holdings reported a turnaround net profit of 10.5 million yuan (S$2 million) from a net loss of 6.7 million yuan in Q2 FY2022.

 

Li started his career as an accountant at Dongming County Medicine Company in 1983, before joining the Dongming County Audit Bureau as its deputy bureau officer in 1986 where he managed internal discipline issues.

 

In 1993, he joined Dongming County Petroleum Refining Factory as the finance manager and subsequently became the chief accountant of Dongming County Petroleum Refining Factory and was overall in charge of the financial management of the factory.

 

In 1998, he was appointed director and chief auditor of Shandong Dongming Petrochem Group and handled the daily operations of the business as well as the accounting functions of the company. In 2001, Li was appointed chairman of Dongming Petrochem group and has since been responsible for the overall development and operations of the business.

 

Li is also a People&rsquo s Representative in the annual National People&rsquo s Congress of Shandong Province.

 

Sinostar PEC Holdings is one of the largest producers and suppliers of downstream petrochemical products within the 400 km radius of its production facilities within the Dongming Petrochem Industrial Zone in Dongming County of Shandong Province.

 

The Singapore Exchange Regulation (SGX RegCo) has issued a query to Sinostar Pec Holdings C9Q 4.65% after it noted &ldquo unusual price movements&rdquo in its shares on Aug 25.

 

Shares in the company rose steadily throughout the day and reached an intra-day high of 18 cents &ndash or 20% higher than its last-closed price of 15 cents &ndash at around 3.34pm.

 

In its filing, SGX RegCo asked the company to confirm its compliance with the listing rules and requested the company to release any information that may have brought about the share price surge.

 

Sinostar had reported earnings of RMB4.3 million ($806,202) for the 2QFY2023 ended June on Aug 14. This was up from a RMB10.3 million loss in the corresponding quarter the year before. For the 1HFY2023, the company&rsquo s earnings fell by 69.0% y-o-y to RMB8.7 million.

 

Following its results, Sinostar&rsquo s non-executive chairman, Li Xiang Ping, has been buying shares via the open market, through his 100%-owned company Intelligent People Holdings.

 

From Aug 15 to 24, Li purchased a total of 2.15 million shares for a total of $279,088.50 or about 12.98 cents apiece.

 

As at Aug 25, Li&rsquo s total stake is at 58.13%.