HK-listed Techtronic Industries drops after Jehoshaphat Research says shorted stock

Techtronic Industries Co

23/02/2023 07:51

** Shares of power tool company Techtronic Industries Co Ltd
 0669.HK  drop as much as 19.4% to HK$74.60, and on course for
the biggest daily pct decline since November 2008 if losses hold
    ** Stock hits the lowest since Nov. 1, 2022; biggest pct
loser in Hang Seng Index  .HSI , Hang Seng Commerce & Industry
Index  .HSNC  and Hang Seng Composite Index  .HSCI  
    ** Trading in the shares halted late in the afternoon 
    ** Jehoshaphat Research, made of short sellers, teachers,
and investor advocates, says it has shorted the securities of
Techtronic Industries. It questions the power tools company's
profitability and says it sees a 60-80% downside on the stock.
    ** Techtronic did not immediately respond to Reuters' email
request for comment, while phone calls to its CFO in Hong Kong
went unanswered.
    ** The Hang Seng Commerce & Industry Index  .HSNC  climbs
0.2%, the Hang Seng Composite Index  .HSCI  slips 0.1% and the
benchmark Hang Seng Index  .HSI  is down 0.2%
    ** As of last close, the stock had gained 6.2% this year
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))