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Yili stocks suspend trade due to rumours
Shanghai-listed dairy producer Yili Corp was forced to suspend trade shortly after opening yesterday, as investors sold heavily on rumours of executive detainment. The stock, falling 10.04 per cent soon after opening and reaching the daily downside limit, was soon ordered to suspend trade by the Shanghai Stock Exchange. Investors sold heavily upon talks the top management of the company was taken by a local procuratory agency for inquiry about possible irregularities. A major producer of dairy and agricultural products in northern China's Inner Mongolia Autonomous Region, Yili seemed to have been entangled in troubles throughout the year. Yili received a notice from a securities regulator in July of an investigation into alleged securities irregularities at the company. Heavy losses in bond investments also triggered a crisis of an independent director resignation in August. This time, market sources said most of Yili's senior managerial staff, including chairman Zheng Junhuai, were taken away by procurators last weekend for inquiry. Sources with Yili declined to comment on the matter yesterday. The procuratorial department of Inner Mongolia also declined to confirm the inquiry. Yili reported net profits of 153 million yuan (US$18.5 million) and turnover of 4.3 billion yuan (US$519.3 million) in the first half of 2004, according to its interim report. |
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