Login ID:
Partner Login
Contact Us : 7066511911

Huishan Dairy Directors Head for Exit, Missing Persons Report Filed -- Barron's Blog

3 Apr 2017 4:27 am

By Daniel Shane

Four directors have quit the board of Hong Kong-listed China Huishan Dairy ( 6863. HK), whose stock mysteriously plunged by 85% in one day just over a week ago.

In a statement to the bourse, milk and dairy firm Huishan -- whose shares remain suspended -- said it had also filed a missing persons report with the local police for treasury head Ge Kun. The company's been unable to get in touch with Ge since Huishan's share price collapsed.

Huishan said non-executive directors Song Kungang, Gu Ruixia, Tsui Kei Pang and Kan Yu Leung Peter had all resigned effective March 31, citing other commitments. The Shenyang-based company's statement to the Hong Kong exchange also noted that Chinese fund manager and creditor Gopher Asset Management had unsuccessfully petitioned a Hong Kong court to freeze the assets of Huishan and controlling shareholder Yang Kai.

Huishan said it will update the market on its financial position sometime next week amid delays caused by Ge's disappearance.

The unexplained fall in Huishan's stock came three months after short-seller Muddy Waters published a report claiming the shares were worth next to nothing. The biggest share-holder in the stock, a Yang-controlled entity called Champ Harvest, disclosed that it sold 250 million shares as Huishan plunged, although this wouldn't account for the 85% slump.
 More at Barron's Asia Stocks to Watch blog, http://blogs.barrons.com/asiastocks/ 

(END) Dow Jones Newswires

April 03, 2017 00:27 ET (04:27 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
Top 5 Special Reports
USD/INR (Nov. 19) Consolidating After the Recent Bre...
USD/INR (Nov. 19) Sustaining Recent Breakout Hold ...
Canada's Pea Exports May Rise 4.71% To 3.4 Million Tonn...
USD/INR (Nov. 19) Sustaining Recent Breakout Hold ...
Lull In India's Cotton Exports Despite Narrowing Price ...