Shares of Tianhe Chemicals dropped 4.9% before being halted on Tuesday after a research report claimed the company falsified prospectus details.
Anonymous Analysis, a short-selling group, gave a zero target price and a return of -100% for Tianhe, which has a market value of HK$62 billion US$8 billion. It strongly recommended investors to sell Tianhe’s shares.
Tianhe raised $654 million through an initial public offering in June, the fifth-largest IPO in the city this year. However, the IPO process stirred the market in January when JP Morgan stepped aside from the deal amid an investigation by US authorities into its hiring practices in China....
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