Jul 07, 2023 04:48 AM

BUSINESS

Hong Kong Graft Busters Raid Office of Flavoring Giant Huabao

By Wen Simin and Han Wei

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Huabao runs China’s largest tobacco flavoring business

Huabao runs China’s largest tobacco flavoring business

Huabao International Holdings Ltd.’s deputy chief financial officer was arrested, and its office in Hong Kong was raided by the city’s anti-corruption watchdog, the fragrances and tobacco flavorings giant said.

It was the latest development in a graft scandal at the Hong Kong-traded company. Huabao shares plunged as much as 15%, the biggest intraday loss since July 2022.

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