Hot stock watch: IFM Investments Limited (CTC), a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21® brand in China, opened higher and moved up on Friday; the shares climbed to $1.74 for one time and finally closed at $1.3, representing an increase of 23.81%; the intraday volume exploded from an average daily basis of 20,000 shares to 440,000 shares.
Before market openning, Stocks, IFM Investments announced announced that the company and the company’s founder had completed the settlement with GL Asia Mauritius II Cayman Ltd. (“GLA”) previously announced on April 30, 2011. The parties have jointly withdrawn or terminated all outstanding proceedings against the company, including the petition to request an order to wind up the company and other remedies filed by GLA on December 30, 2011, in the Grand Court of the Cayman Islands.
GLA sued IFM Investments to the Cayman Islands on December 30, 2011, requesting the Court to condemn closure of the latter and asked for appropriate compensation.
Over the past 52 weeks, CTC shares traded as high as $7.14, and the latest closing price is 81.79% off the peak. IFM Investments currently commands a market cap of $19.94 million.