Chaoda Modern Subject of Hong Kong Market Misconduct Lawsuit
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Chaoda Modern Agriculture Holdings Ltd., the Chinese food producer defending a claim from Next Magazine that it overstated its land holdings, is the subject of a Hong Kong government market misconduct lawsuit.
Hong Kong’s Financial Secretary initiated proceedings against the company in the city’s Market Misconduct Tribunal, according to government spokeswoman Shirley Wong. Tribunal secretary William Chow declined to elaborate on the specific allegations or people involved.