Camsing accused by Noah

Business | Bloomberg and Tereza Cai 10 Jul 2019

Noah, one of China's largest wealth managers, levied accusations of fraud against Camsing International (2662), the Hong Kong-listed company that said last week its chairman had been detained by police.

The asset manager has filed a lawsuit and reported Camsing to regulators in relation to a 3.4 billion yuan (HK$3.86 billion) asset management product that is in danger of default, Wang Jingbo, Noah's chief executive officer and co-founder, said in an internal memo on Monday. The product's duration will be extended by as much as one year to ensure repayment, Wang said in the memo, the contents of which were confirmed by a spokeswoman.

Camsing, a conglomerate with businesses spanning entertainment and health care, saw its stock plunge 80 percent in Hong Kong on Monday after the company said Chairman Lo Ching was being held in criminal custody by Shanghai police.

Mainland media reported that an unnamed vice governor of Industrial and Commercial Bank of China (1398) Shanghai branch was out of touch, following the investigation on branch governor Gu Guoming by Central Commission for Discipline Inspection.

It is said that ICBC's managers were repeatedly under investigation, and it will soon hold a warning meeting.

Meanwhile, ANTA Sports Products (2020) released a second clarification "vigorously denying" the allegations in Muddy Waters' second report, considering them to be inaccurate and misleading.

Short-seller Muddy Waters released the second short-selling report following the company's clarification in the morning explaining that all 25 distributors referred to Muddy Waters' report on July 8 are independent.

Shares of Anta increased by 0.20 percent to HK$51.35.

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