Shares in Ozner Water, one of China’s largest water purification suppliers, fell 17% before trade was suspended on Monday after a research report claimed the company had exaggerated its production, sales and profits.
The sell report, published by Glaucus Research Group California, a US short-selling group, comes roughly eight months after Ozner Water raised HK$1.14 billion $147 million from its initial public offering in Hong Kong.
In the report published February 16, Glaucus valued Ozner Water at between HK$0.27 and HK$0.85 per share, 76% to 92% below Friday’s closing price of HK$3.29. The share price subsequently tumbled on Monday from...
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