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Coat Maker Bosideng Falls Most on Record After Short Seller Report

By Bloomberg / Jun 24, 2019 06:01 PM / Business & Tech

Photo: VCG

Photo: VCG

Bosideng International Holdings Ltd. shares fell the most on record after a short seller report questioned the Chinese clothing company’s accounting practices.

Hong Kong-listed Bosideng overstated its revenue and profit, according to a note published on Monday by Bonitas Research. The stock fell as much as 28% before being suspended. Bosideng said in a statement that the report contains “untrue and misleading information,” without providing more details.

Short sellers have in recent years zeroed in on Hong Kong stocks. The city, the world’s fourth-biggest equity market by value, has seen several corporate governance blow ups, with companies losing 90% of their value in a single day. The local exchange operator and securities regulator have raised the threshold for going public, and have said they are cracking down on corporate fraud.

Related: Chinese Coat Maker Bosideng Pulls Out of U.K.

Contact editor Teng Jing Xuan (jingxuanteng@caixin.com)

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