China Metal Recycling

China Metal Recycling (Holdings) Limited (SEHK: 773) was a company the largest recycler of scrap metal in Mainland China by revenue.[1] Based in Guangzhou, Guangdong, it was mainly engaged in collecting scrap steel, scrap copper and other scrap metals and processing them using equipment to produce recycled scrap metals for its customers.[2] Its recycling facilities were located in Guangdong, Jiangsu and Hong Kong.[3] The company was wound up and de-listed after accounting fraud surfaced.

This article is about the recycling company. For the practice of recycling in China, see Recycling § Recycling in China.
China Metal Recycling (Holdings) Limited
中国再生金属资源(控股)有限公司
TypePrivately owned company
IndustryRecycling industry
Founded2000
Headquarters
Guangzhou, Guangdong
,
People's Republic of China
Area served
People's Republic of China
Key people
Chairman: Mr. Chun Chi-wai
WebsiteChina Metal Recycling (Holdings) Limited

History

The company was established in 2000. The company was listed on the Hong Kong Stock Exchange in June 2009 with the IPO price of HK$5.15 per share.[4] Its stock price was closed at HK$6.44 at the first trading day, 24% higher than its IPO price.[5] On 17 November 2009, its price suddenly plunged 24%, the most since listing, as its chief financial officer, Wong Hok-leung, resigned after saying he was denied information.[6] Trading in the shares of the company on the Stock Exchange was halted from 9:17 a.m. on 28 January 2013. American short-seller Glaucus Research Group said that "CMR purports to be the largest scrap metal recycling company in China. We believe this is a lie. Publicly accessible import data from the Chinese government suggests CMR is a blatant fraud that has deceived the market about the size of its business." Chun Chi Wai, the chairman and chief executive officer of the company, announced that he had engaged legal advisers to initiate legal proceedings against Glaucus.[7][8]

The Securities and Futures Commission won a court order in February 2015 to wind up the company, and the company was delisted from SEHK in December 2015 for "obtaining its initial listing by fraud."[9]

See also

References
  1. China Metal Recycling Seeks $200 Million H.K. IPO
  2. China Metal Recycling Holdings Limited Archived 17 July 2011 at the Wayback Machine
  3. China Metal Recycling (Holdings) Ltd
  4. China Metal Recycling prices IPO at the top
  5. China Metal Recycling jumps 24% in Hong Kong debut
  6. China Metal Recycling Plunges as CFO Wong Resigns
  9. "Hong Kong stock exchange to delist China Metal Recycling for 'obtaining listing by fraud'". Retrieved 29 July 2016.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.