A Hong Kong Stock Slumps After an Activist Calls It a Bubble
- Kingdee sinks 14 percent at the close after critical report
- Company says it is confident about its strategy, future
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Hong Kong’s most famous stock picker is on the attack again, criticizing the accounts of one of the city’s top performers this year.
Kingdee International Software Group Co. dropped 14 percent at the close Monday as the worst performer on the Hang Seng Composite Index after David Webb published a critical report calling it a “bubble stock.” Webb did not specify whether he had a short position in the shares, nor what he thinks they should be worth.