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https://www.bloomberg.com/news/articles/2017-03-24/huishan-dairy-...

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    https://www.bloomberg.com/news/arti...ummets-91-erasing-4-2-billion-in-market-value


    Huishan Dairy Plummets 91%, Erasing $4.2 Billion in Market Value

    by
    Richard Frost
    24 March 2017, 3:05 pm AEDT 24 March 2017, 3:31 pm AEDT
    Shares of China Huishan Dairy Holdings Co. plummeted more than 90 percent in Hong Kong.
    The sudden crash wiped out about $4.2 billion in market value in the stock, which is a member of the MSCI China Index. A record 779 million shares in the company changed hands, the most on Hong Kong’s exchange. The shares were down 85 percent at the midday trading break in the city.
    Short seller Carson Block’s Muddy Waters Capital LLC said in December the company is “worth close to zero” and questioned its profitability in a report. Muddy Waters alleged that Huishan had been overstating its spending on its cow farms by as much as 1.6 billion yuan to “support the company’s income statement." Huishan said the allegations in the report were groundless and contain misrepresentations.

    An employee at Huishan couldn’t immediately provide comment when reached by phone on Friday. Lorraine Chan, a spokeswoman for Hong Kong Exchanges & Clearing Ltd., said the bourse operator doesn’t comment on individual companies.
    Before Friday’s plunge, Huishan had been one of the most stable stocks in Hong Kong. It fluctuated in a narrow range between HK$2.69 and HK$3.23 from the start of October 2015 through yesterday, never swinging more than 5.1 percent on a closing basis in a single trading day during that period. In July and August of 2015, the stock surged 60 percent amid a spate of open-market purchases by CEO and controlling shareholder Yang Kai.
    About 73 percent of Huishan’s shares are held by Champ Harvest Ltd., a company that’s controlled by Yang.
    About HK$453 million worth of stock changed hands today in 13,260 trades with an average size of about 59,000 shares. That compares with a total of HK$850 million in the previous 30 days -- total -- via 16,418 trades with an average size of 18,000 shares.
    Short interest in the stock accounted for 3.7 percent of outstanding shares on Wednesday, down from 5.4 percent in December, according to data compiled by IHS Markit Ltd. and Bloomberg.
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