China's Huabao plunges most in 12 months as ICAC raids Hong Kong office

Huabao International Holdings

06/07/2023 03:39

** Shares of Huabao International Holdings  0336.HK  plunge
as much as 15.2% to HK$3.06 - on course for the biggest one-day
pct drop since July 25, 2022 if losses hold
    ** Stock hits the lowest since July 3, snapping four
consecutive sessions of gains; biggest pct decliner in Hang Seng
Composite Index  .HSCI  and second biggest pct loser on the Hong
Kong bourse
    ** The flavors and tobacco products maker says Hong Kong's
Independent Commission Against Corruption (ICAC) conducted a
search at the firm's business offices and the company provided
certain files and records for the investigation by the
anti-corruption agency  
    ** Company says its Deputy Chief Financial Officer Choy Man
Har was arrested on July 5 by ICAC for investigation but no
charge has been laid against Choy so far 
    ** Says the investigation has no material adverse impact to
the company while its business and operations remain normal
    ** Hang Seng Commerce & Industry Index  .HSNC  climbs 0.1%
while Hang Seng Composite Index  .HSCI  slips 0.6% and Hang Seng
Index  .HSI  eases 0.8%
    ** As of last close, the stock had fallen 8.9% this year

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