November 20, 2014 / 5:12 AM / 3 years ago

BUZZ-Superb Summit down 5.8 pct before halt trading

(Fixes formatting)

** 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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below