Last week, CN Asia Corp Bhd announced the emergence of a new substantial shareholder, Woo Kim Siong, who has three million shares or a 5.46% equity interest in the company.

Many market watchers had been waiting to see who would eventually surface in CN Asia as there had been large blocks of shares crossing in off-market trades, and the company’s managing director and controlling shareholder Ho Cheng San had stepped down, as had his wife Angeline Chan Kit Fong, an executive director of the company. 

This was followed by new appointments to the board, but there was still no indication of who had bought into CN Asia and taken over the reins.

Also of interest was the stunning gain in CN Asia’s stock of almost 200% from mid-December last year to Jan 7, when it hit a high of RM2.37, before plunging and closing at RM1.66 last Friday.

The emergence of Woo as a substantial shareholder coincided with CN Asia’s announcement of a planned venture into digital banking.

Interestingly enough, one Woo Kim Siong — assuming it is the same person — had just sold out of Acme Holdings Bhd on Jan 7, hiving off 20 million shares in the plastic product manufacturer.

Woo had surfaced as a substantial shareholder in Acme in mid-October last year with 20 million shares, or a 6.5% equity interest.

Upon his entry, the company’s shares gained almost 80% to close at 68 sen, from the 38 sen band. However, its share price slowly tapered off (unlike the sudden plunge at CN Asia), to close at 34 sen last Friday.

So, just who is Woo, and why do companies’ shares react the way they do when he surfaces? Or are the strong gains in CN Asia and Acme just a mere coincidence?