HONG KONG Shares of Chinese e-commerce platform Cogobuy Group plunged more than 20 percent on Monday and trading was halted, after a short-seller accused the company of improper accounting practices.
The little-known Blazing Research valued Cogobuy shares at HK$0.53 each in its note, significantly below their current value of HK$7.80. (bit.ly/2rHjX1y)
Officials of the company, which has a market value of $1.5 billion, were not immediately available for comment.
Cogobuy shares fell as much as 27 percent to an intraday low of HK$7.30, the weakest since November 2015.
Blazing Research, which has most of its team in Singapore, says on its website that it may have short positions on the companies that it covers.
(Reporting by Donny Kwok; Editing by Himani Sarkar)