HK-listed metal recycler Chiho drops most in near 3 years after CEO suspended

Chiho Environmental

06/12/2021 04:31

** Shares of metal recycler Chiho Environmental Group Ltd
 0976.HK  plunge 35.8% to HK$0.79, the biggest daily percentage
drop since January 2019
    ** Stock hits lowest since Aug 25, on course for second
session of fall; the biggest percentage decliner on the Hong
Kong bourse
    ** Co says Rafael Heinrich Suchan has been suspended as
chief executive officer from Dec 6, gives no details on the
removal  urn:newsml:reuters.com:*:nFWN2SP00T
    ** Says it also received a letter from substantial
shareholder USUM Investment Group Hong Kong Ltd, requesting the
board to convene an extraordinary general meeting for removing
Rafael Heinrich Suchan as an executive director
    ** Co announced last month it will invest 243 mln yuan
($38.2 mln) in new facilities to recycle end-of-life vehicle and
electrical vehicle batteries  urn:newsml:reuters.com:*:nFWN2RV2WC
    ** Hong Kong's material index  .HSCIM  falls 1.3%
    ** Hang Seng China Enterprises Index  .HSCE  drops 1.6%, and
the benchmark index  .HSI  eases 1.3%
    ** As of last close, the stock had soared about 273% this
year


($1 = 6.3686 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))