China Battery Maker Suspended as Short Seller Questions Profits
- Cloudy Thunder report says shares worth ‘close to zero’
- Report claims Tianneng overstated profits, sales volume
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A Chinese maker of electric vehicles plunged in Hong Kong after a critical report questioned the firm’s accounting.
Tianneng Power International Ltd. fell as much as 8.7% on Wednesday before trading was suspended. CloudyThunder Research, which calls itself a group of unidentified “activist investors,” said the company’s shares were “worth close to zero” in a report published on its website.