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Shanghai shares slump 1.6% in morning trading
By Hu Xiaocen |
May 14, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower this morning, tugged by distillers and brewers. Shanghai cosmetics maker Jahwa was suspended for trading after shareholders suspected some company executives of "serious legal violations."
The Shanghai Composite Index slumped 1.6 percent to 2,206.52 points by the noon break with a turnover of 45.1 billion yuan (US$7.3 billion).
Chinese distilleries led the fall this morning, tumbling 3.2 percent on average. Kweichow Moutai Co, a leading producer of high-end liquor in China, retreated 3.7 percent to 190.29 yuan. Shanxi Xinghuacun Fen Wine Factory Co lost 4.2 percent to 26.66 yuan. Hebei Hengshui Laobaigan Liquor Co, slumped 6.4 percent to 30 yuan.
Shanghai Jahwa United Co, the listed arm of Shanghai Jahwa Group, dived 8 percent since Monday after chairman Ge Wenyao stepped down last weekend. The cosmetic producer was suspended for trading today for "undisclosed reason," the Shanghai Stock Exchange said on its website.
China Ping An Trust Co, the controlling shareholder of Jahwa Group, said it has received internal reports of allegations against the management since March, involving a huge amount of money. The case is still being probed.
Zhang Liqing, deputy general manager at Ping An Trust, has been appointed new chairman of Jahwa, according to media reports.
The Shanghai Composite Index slumped 1.6 percent to 2,206.52 points by the noon break with a turnover of 45.1 billion yuan (US$7.3 billion).
Chinese distilleries led the fall this morning, tumbling 3.2 percent on average. Kweichow Moutai Co, a leading producer of high-end liquor in China, retreated 3.7 percent to 190.29 yuan. Shanxi Xinghuacun Fen Wine Factory Co lost 4.2 percent to 26.66 yuan. Hebei Hengshui Laobaigan Liquor Co, slumped 6.4 percent to 30 yuan.
Shanghai Jahwa United Co, the listed arm of Shanghai Jahwa Group, dived 8 percent since Monday after chairman Ge Wenyao stepped down last weekend. The cosmetic producer was suspended for trading today for "undisclosed reason," the Shanghai Stock Exchange said on its website.
China Ping An Trust Co, the controlling shareholder of Jahwa Group, said it has received internal reports of allegations against the management since March, involving a huge amount of money. The case is still being probed.
Zhang Liqing, deputy general manager at Ping An Trust, has been appointed new chairman of Jahwa, according to media reports.
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