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The Shenzhen Stock Exchange is questioning whether a Hainan province-based company’s plan to create a “horse-racing village” on the island was speculation designed to pump up its share price after news of the project sent its stock soaring for a second straight day.

The company, Luoniushan Co. Ltd., which specializes in agricultural and animal husbandry, on Wednesday disputed concerns over the project’s feasibility, responding that its plan for the 29 billion yuan ($4.56 billion) project was viable, though it acknowledged that the project might be delayed due to insufficient funding.

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