Shares in China Zhongwang Holdings slumped 12 per cent on Thursday after trading in the world’s second-largest producer of aluminium products resumed for the first time since it denied allegations of inflated sales in a short sellers’ report.
The report by the previously unknown Dupre Analytics accused Zhongwang and Liu Zhongtian, its founder, of routing exports through undisclosed related companies. Dupre alleged this was done to obtain tax rebates from the Chinese government.
Zhongwang declared the allegations “baseless” and suspended trading on July 31. In a statement on Thursday it said the allegations were “factually incorrect and defy normal commercial logic”.
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