HK-listed Tsaker Chemical recovers, says allegations on boosting profits unfounded

Tsaker New Energy Tech

07/12/2018 02:49

** Shares of Tsaker Chemical Group  1986.HK  jump as much as
45.5 pct in their biggest intraday percentage gain in resumed
trade 
    ** Company denies allegations in relation to suspicious
accounting treatment to boost profits and violation of labour
laws
    ** Tsaker says it may also repurchase its own shares subject
to market conditions and will continue to pay dividends
according to its dividend policy
    ** The stock plunged 45.7 pct in the previous trading
session prior to a trading halt on Monday 
    ** The chemical intermediates maker says the allegations
made by a market investor in an email are inaccurate, misleading
and unfounded https://bit.ly/2AYROIP
 
    ** The Beijing-based company says it reserves its right to
take legal actions for the damage done by the allegations
    ** As of last close, the stock had fallen 49.4 pct so far
this year
    ** Tsaker Chemical has underperformed the Hang Seng Commerce
& Industry Index sector  .HSNC  by 53.3 percentage points in the
past one month

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)