Huiyuan shares dive on Coke rebuff

Shares of China Huiyuan Juice Group Ltd plunged in Hong Kong yesterday after the government blocked Coca-Cola Co's $2.4 billion bid for the juice maker.

Huiyuan's shares fell by HK$3.49 per share, or 42.05 percent, to close at HK$4.80 apiece. In early trading, the company's shares dropped 53 percent at one point to the day's lowest level of $3.88. The stock resumed trading yesterday after having been suspended since early Wednesday.

The latest price fall stood in sharp contrast to its performance in the past several months after the Coca-Cola bid was announced. Its share price had doubled since early September, after the US beverage giant offered HK$12.20 in cash for each of the juice maker's Hong Kong-listed shares.