World Cup Rumor Kicks China's Sports Stocks Sky-High, Until Halftime When It Transpires as a Lie
Dou Shicong
/SOURCE : Yicai
World Cup Rumor Kicks China's Sports Stocks Sky-High, Until Halftime When It Transpires as a Lie

(Yicai Global) Nov. 16 -- A rumor that Italian soccer legend Marcello Lippi, who is currently coaching the Chinese Men's National Soccer Team, confirmed that China will bid for the 2030 World Cup spread today, propelling related sports companies' shares to take off in precipitate flight in morning trading.

The Chinese Football Association (CFA) has expended great efforts to develop soccer in this country and will bid for the 2030 World Cup, Lippi said in an interview, as Sichuan province-based Chengdu Economic Daily reported.

This news jolt naturally electrified the market. Ledman Optoelectronic Co. [SHE:300162], a supplier of LED displays for soccer games, rose 9.99 percent to CNY9.69 (USD1.45) per share at the lunch bell.

Lander Sports Development Co. [SHE:000558] also went up 9.67 percent to CNY6.37 per share. The company's controller, Gao Jisheng, also owns the Southampton Football Club in England's Premier League.

Soccer equipment supplier Jiangsu Jinling Sports Equipment Co. [SHE:300651] similarly jumped 10.01 percent to CNY38.67 per share on the 'news.'

However, CFA refuted the news during lunch time, per Chinanews.com. Lippi has recently declined all interviews, CFA noted, and the news from Chengdu Economic Daily apparently derived from previous such stories, some years old.

All the companies thus boosted slipped from their high slots to varying degrees in afternoon trading as the manifest falsity of the report struck home with all the force of a penalty kick.

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Keywords: WORLD CUP , Marcello Lippi , Ledman Optoelectronic , Lander Sports Development , Jiangsu Jinling Sports Equipment , Chinese Football Association