Wuzhou International in trading halt

Business | 25 May 2018 3:21 pm

Trading in shares of Wuzhou International Holdings (1369) has been halted this morning after slumping 84.89 percent to a record low of HK$0.068.

Its market turnover reached HK$251.71 million within two hours of trading.

There is no specific reason for the suspension yet, but it is believed that it might be affected by a mainland media report which accuses the company teaming up with commercial project developer Wufeng to misappropriate capital.

Wuzhou has denied the accusation and is seeking legal assistance.

Meanwhile, Harbin Bank (6138), which had signed a long-term strategic partnership with Wuzhou in 2014, shrank as much as 15.9 percent today.

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