Agile Tumbles in Hong Kong as Chairman Placed Under Custody
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Agile Property Holdings Ltd. tumbled to the lowest in more than five years after its billionaire founder and chairman Chen Zhuolin was placed under the control of Chinese prosecutors amid a money laundering allegation which it denied.
Shares plunged as much as 31 percent, the most on record, to HK$3.30 in Hong Kong after they resumed trading following a suspension since Oct. 3. They closed 17 percent lower at HK$3.95, the lowest since March 2009. The stock was downgraded by at least six brokerages, including JPMorgan Chase & Co. and Macquarie Group Ltd., according to Bloomberg data.