Brilliance China Plunges as Hong Kong Graft Busters Probe Chairman

Shares of Brilliance China Automotive Holdings Ltd., the publicly traded arm of BWM Group’s China partner Brilliance Auto Group, plunged more than 8% Tuesday in Hong Kong after the company disclosed that city graft busters detained its chairman.

Brilliance China pared back some of the loss to close 3.81% lower at HK$3.79 ($0.49) a share. The stock nosedived after trading reopened Tuesday. Xinchen China Power Holdings Ltd., another Hong Kong-traded unit of Brilliance Auto Group, slumped 9% Tuesday.