China Satellite Comms Opens Lower After USD215 Million Probe Malfunctions
Tang Shihua
DATE:  Aug 21 2019
/ SOURCE:  yicai
China Satellite Comms Opens Lower After USD215 Million Probe Malfunctions China Satellite Comms Opens Lower After USD215 Million Probe Malfunctions

(Yicai Global) Aug. 21 -- Shares in China Satellite Communications started lower today after the Beijing-based firm announced last night that a probe costing CNY1.5 billion (USD215 million) had malfunctioned after launch.

Its stock [SHA:601698] opened down 1.9 percent at CNY9.34 (USD1.32) but had climbed back to CNY9.40, down 1.26 percent, as of 10.03 a.m.

The satellite left earth on Aug. 19 and entered orbit successfully but has been operating abnormally since, the firm said without providing further details. It owns the probe outright and has it fully insured.

Follow Yicai Global on
Keywords:   Satellite Malfunction,Share Price, Satellite Communications