Muddy Waters shorts top China dairy farm; shares suspended

Shanghai

SHARES of China's largest dairy farm operator, Hong Kong-listed China Huishan Dairy Holdings Co, were suspended on Friday after shortseller Carson Block's Muddy Waters Capital LLC said the company is "worth close to zero" and questioned its profitability in a report.

Huishan shares slid as much as 4.3 per cent to HK$2.69 (S$0.50) on Friday, the lowest in 15 months, before being suspended in Hong Kong, which the Shenyang-based company said was pending a clarification announcement on the report. Huishan's market value post-suspension is HK$37.1 billion.