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China Daily | Updated: 2014-09-04 07:35
Tianhe 'preparing full response' to fraud claims
Tianhe Chemicals Group Ltd has denied allegations of fraud from Anonymous Analytics, as analysts at two banks that sponsored the Chinese chemical producer's share sale in Hong Kong suspended stock ratings. Tianhe, based in Jinzhou, Liaoning province, called the Anonymous Analytics' report malicious and said trading would remain halted as it prepared a full response to the allegations. The chemical manufacturer is the latest in a series of Chinese companies that have faced allegations of fraud from short-sellers in the past three years. Tianhe's shares fell 4.9 percent to HK$2.31 (30 cents) before Tuesday's trading halt.
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