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Sino Biopharm Plunges After CCTV Bribery Report: Hong Kong Mover

Sino Biopharmaceutical Ltd. plunged the most in about 13 years before being suspended in Hong Kong trading, after a report by state-run Chinese Central Television alleged bribery at a unit of the medicine maker.

Sino Biopharmaceutical fell 16 percent to HK$4.76, headed for the largest drop since October 2000, before being halted at 11:49 a.m. The stock has been suspended pending an announcement to clarify certain information in recent press reports, the drugmaker said today. Two groups of doctors attended 50-minute meetings organized by the company in China and then left on sponsored trips, according to the broadcast yesterday evening.