China Minzhong Falls by Most on Record After Short Seller Report
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China Minzhong Food Corp. slumped by the most on record after short-seller Glaucus Research Group accused the vegetable producer of “significantly deceiving” regulators and investors about the scale of its business.
Minzhong shares were halted in Singapore at 53 Singapore cents, down 48 percent, after tumbling as much as 51 percent, the most since the company’s listing in April 2010. Short interest in Minzhong, which has become the latest target of Glaucus, rose to a record 7.2 percent of the outstanding stock on Aug. 19 from this year’s low of 3.8 percent in March, according to the most recent data from research company Markit Group Ltd.