Jiugui Drops in Shenzhen After 100 Million Yuan Reported Stolen
Jiugui Liquor Co. (000799) 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 The cash was withdrawn from the Agricultural Bank of China Ltd.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.
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