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Hong Kong Stock Plunges 90% After Chairwoman Detained by Chinese Police

  • Trading volume in stock at 400 times the three-month average
  • Jiangsu Boxin drops by 10% daily limit then soars in Shanghai
Camsing shares slumped Monday following news on chairwoman
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Camsing International Holding Ltd. tumbled a record 80% and trading volume soared to nearly 400 times the three-month average after the company said its chairwoman Lo Ching is in police custody in Shanghai.

In a statement to the stock exchange late Friday, Hong Kong-headquartered Camsing said it became aware on July 5 that Lo was being held in criminal custody by the Yangpu branch of the Shanghai Public Security Bureau. The directors of the company were unaware of the reasons, the statement said, adding that business and board operations haven’t been adversely affected. Camsing didn’t immediately respond when reached for comment Monday.