HONG KONG, Nov 20 (Reuters) - ** Superb Summit International Group Ltd dropped 5.8 percent before halting trading. This is a timber resources company in China and the stock is owned by a number of large funds.
** Investment research firm Muddy Waters said on Thursday it was shorting shares in the company due to concerns about the veracity its accounts.
** Muddy Waters’ block says Superb Summit’s forestry assets may only be worth less than HK$200 million, versus HK$3.4 billion in accounts.
** Superb Summit’s stock has risen more than 300 percent since the company announced its plans to buy JFT in June 2013, a deal Muddy Waters said the timber company had inflated valuations.