Wong Kwong-yu of Gome Electrical Appliances was detained by Beijing police for questioning last week as part of an investigation into alleged market manipulation.
He is apparently being investigated for allegedly manipulating the share price of Shandong Jintai Group, a pharmaceutical company owned by his brother Hunag Junqin and listed in Shanghai.
Prices of Shandong Jintai shares have surged around the 10 per cent daily limit 26 times in July and August.
Gome shares were suspended yesterday from trading in Hong Kong and is not expected to resume trading until further announcements.
The company will look into verifying the authenticity of allegations made against their Chairman.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment