Monday, August 26, 2013

China MinZhong latest news 26-08-2013, Why it drop?

Shares in Singapore-listed China Minzhong Food fell more than 13% on Monday after a research house with a short position in the company accused the vegetable producer of irregularities in its sales figures.

Glaucus Research Group issued a report that said the irregularities involved sales to China Minzhong’s top two customers, according to “corporate registry records”.
A spokesman for China Minzhong said the company had no immediate comment to make.

Shares in China Minzhong fell as much as 13.3% with more than 9.4 million shares traded, more than three times the average full-day trading volume of 2.5 million traded over the past month.

Four analysts have a ‘buy’ or ‘strong buy’ on the stock, Thomson Reuters data shows. China Minzhong is due to release full-year results on Aug. 29.

Glaucus Research, which is based in California, said they and their associates have a direct or indirect short position in the company so stand to make money if its share price declines.
Below are the Chart provided from ARTeam
 Intraday Chart of Chinaminzhong food
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