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Monday, 26 August 2013

China Minzhong halts trading as shares plunge 48% on Glaucus report


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Fujian-based food producer China Minzhong has called a trading halt on its shares after a report published by short-seller Glaucus Research Group caused its shares to plunge 48 per cent -PHOTO: CHINA MINZHONG FOOD CORP

Fujian-based food producer China Minzhong has called a trading halt on its shares after a report published by short-seller Glaucus Research Group caused its shares to plunge 48 per cent.
China Minzhong called for the halt at 11.15 am on Monday, pending the "release of material announcement".

Its shares opened at S$1.015 each but rapidly plunged to 53 cents, down 48.5 cents or 48 per cent. More than 24 million shares changed hands.

In a 49-page report published this morning, Glaucus alleged that Minzhong fabricated sales to its top two customers, and that its financial performance for its fresh produce segment, with average margins of 66 per cent in the past five years, was too good to be true.



Createwealth8888:

This is an eyes opening event for new arrivals to the stock market of what can happen.


Down 50% in just two hours!!!

We must constantly remind ourselves.

All investment by nature is risky.

We need to protect ourselves against huge losses and wiping out too much of our capital. It is very hard to recover.

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