Hong Kong Freezes Executive’s Assets After Short-Seller Attack
- Tech Pro had denied Glaucus report saying stock was worthless
- Shares dropped most in five weeks in Hong Kong on Wednesday
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The chairman of Tech Pro Technology Development Ltd., an LED lighting product maker deemed worthless by short-seller Glaucus Research Group, has had some of his assets frozen by a Hong Kong court and also faces a bankruptcy claim.
The High Court on Aug. 30 granted a Mareva injunction covering up to HK$11.2 million ($1.4 million) of Li Wing Sang’s assets in the city, Tech Pro said in a filing to the city’s stock exchange on Wednesday evening.