Tech Pro Chair Faces Bankruptcy Claim After Short-Seller Attack
- Tech Pro had denied Glaucus report saying stock worthless
- Shares drop the 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, is also facing bankruptcy claims in a Hong Kong court.
Citic Securities Brokerage (HK) Ltd., a wholly-owned subsidiary of Citic Securities International, filed a claim for bankruptcy proceedings against Li Wing Sang on Sept. 12, according to a court document seen by Bloomberg News at Hong Kong’s High Court. The address shown for Li in the court document is the same as Tech Pro’s office address, although it does not name Tech Pro specifically.