China's Huabao hits 7-week low as chairwoman faces probe

Huabao International Holdings

27/07/2022 06:55

** Shares of e-cigarette flavour maker Huabao International
Holdings Ltd  0336.HK  drop as much as 12.9% to HK$4.05, their
lowest since June 6
    ** Stock set for its biggest daily pct decline since July 22
if losses hold; third-biggest pct decliner in the Hang Seng
Composite Index  .HSCI   
    ** Chinese co says chairwoman and controlling shareholder
Chu Lam Yiu on bail pending further investigation into suspected
disciplinary violations  urn:newsml:reuters.com:*:nFWN2Z70ZV
    ** She is currently placed under residential surveillance at
a designated location by Anyuan County Police Bureau - co
    ** Huabao says Xinfeng County Supervisory Committee decided
to file an investigation against Chu 
    ** Co says it has not been provided with any details of the
nature of the investigation and the firm's business operation
remains normal
    ** Co and its chairwoman did not immediately respond to
Reuters' email requests for comment
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
1.9% and the Hang Seng Composite Index on industrials  .HSCIIG 
slips 1.1%
    ** The Hang Seng Composite Index and the Hang Seng Index
 .HSI  both fall 1.5%
    ** As of last close, Huabao shares had dropped 67.7% this
year

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