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Jiugui Drops in Shenzhen After 100 Million Yuan Reported Stolen

Jan. 28 (Bloomberg) -- Jiugui Liquor Co. fell to its lowest in more than three years in Shenzhen trading after the Chinese spirits maker said 100 million yuan ($16.5 million) was stolen from the savings account of a subsidiary.

The Jishou, China-based company dropped as much as 5.1 percent to 11.82 yuan, the lowest intraday price since July 6, 2010, before trading at 12.02 yuan at the 12:30 p.m. break.

The theft last month from a bank account in Hangzhou, eastern China, opened by a subsidiary, may cause “big losses,” the maker of Xiangquan and Jiugui white spirits said in a statement today. The cash was withdrawn from the Agricultural Bank of China Ltd. on three occasions between Dec. 11 and 13, Jiugui said, without naming a suspect.

The incident has been reported to the police, the company said. A spokeswoman for Agricultural Bank of China didn’t answer two phone calls. Two calls to Jiugui weren’t answered.

To contact Bloomberg News staff for this story: Liza Lin in Shanghai at llin15@bloomberg.net

To contact the editor responsible for this story: Stephanie Wong at swong139@bloomberg.net

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