Want Want deflect allegations

Business | Avery Chen 18 Jul 2019

Snack food and beverages manufacturer Want Want China (0151) refuted an article alleging that the company has benefited from extraneous financial subsidies from mainland China yesterday.

The company said it is politically motivated and intended to seriously harm its reputation, severely damage the interest of its shareholders and mislead the investing public. Want Want reserves all rights to take legal action over such false allegations, it said.

The article alleged that Want Want has received grants from the mainland government and such grants should be disclosed, while its subsidiary CTI Television, which is operated in Taiwan, is "red media", which means it is affected by Beijing.

Want Want China said the company received government grants from various government authorities. Such government grants were given in accordance with the law as incentives to certain subsidiaries in the mainland, it is based solely on objective criteria such as investments made and performance. None of the government grants were given in connection with the activities of any third party, including CTI Television, it said.

As a Hong Kong-listed company and a blue-chip stock, Want Want complies with all the laws and regulations pertaining to its financial reporting and abides by the highest professional standards and adopts the best-in-class approach, it said.

Shares of Want Want slid 0.64 percent to HK$6.21 yesterday.

Meanwhile, Japanese ramen restaurant chain Ajisen (China) (0538) announced its same-store sales grew 4.8 percent year-on-year for the three months ended June 30 in Hong Kong and mainland China. The company's fast-casual restaurant business in the area rose 6.4 percent year-on-year in April-June.

Shares of Ajisen fell 2.79 percent to HK$3.14 yesterday.

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