Theft hits Jiugui’s price
Print Edition
Shares of Jiugui Liquor Co slumped to the lowest level in over three years yesterday after the spirits maker said 100 million yuan (US$16.4 million) was stolen from a bank account of its subsidiary.
Jiugui fell 4.4 percent to 11.91 yuan, the lowest closing since July 2012. A marketing arm of the Hunan-based company deposited 100 million yuan into a savings account at the Agriculture Bank of China in Hangzhou on November 29, Jiugui said in a statement yesterday to the Shenzhen Stock Exchange. A suspect withdrew cash on three occasions between December 11 and 13, leaving only 1,176 yuan in the account, Jiugui said, without naming the suspect. Jiugui warned that the theft may cause “big losses” for the company. Police are looking into the case, Jiugui said, adding that it will disclose any progress in the investigation. The theft added to Jiugui’s woes as the high-end liquor industry has been hurt by the central government’s crackdown on extravagant public spending.
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