A large pharmaceutical company in northeast China’s Heilongjiang province scrambled to do damage control after news its former chairman and controlling shareholder had been arrested on murder changes sent its share price into a tailspin.
Sunflower Pharmaceutical Group issued a response to an inquiry by the Shenzhen Stock Exchange saying operations are not affected by the arrest. Its stock plummeted 10 per cent – that daily limit in China – in just 12 minutes on Wednesday. The company’s shares were trading down for nearly all of Thursday, closing at a loss of 1.4 per cent.
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