Infant formula maker Bellamy’s Australia has requested the Australian Securities and Exchange commission halt trading of its shares pending the release of “an announcement”.
“Unless ASX decides otherwise, the securities will remain in trading halt session state until the earlier of the commencement of normal trading on Wednesday, 14 December 2016 or when the announcement is released to the market.”
The company said it had seen “temporary volume dislocation” in Chinese sales channels that are adjusting to the new import regulations put in place by Beijing earlier this year. The group also admitted its sales on Singles Day, the biggest retail sales day in China each year, were “below expectations” despite being “significantly stronger” than a year earlier.
However, Bellamy’s insisted it saw “vast” opportunity in China and said it remains “positive” about the overall “long-term revenue outlook” for the business but the market reacted negatively.