REXLot Suspends Trading After Shares Tumble on Anonymous Report
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REXLot Holdings Ltd. suspended its shares from trading in Hong Kong after they tumbled on a research report questioning the lottery machine maker’s accounting.
REXLot sank 9.3 percent to 44 Hong Kong cents, the lowest intraday level since August 2012, before the stock was halted from trading at 11:33 a.m. local time. Volume was about quadruple the three-month daily average. Anonymous Analytics rated the company a strong sell with a target price of 12 Hong Kong cents in a report today, saying REXLot exaggerates its revenue and the amount of cash on its balance sheet.