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.
 | |
| Company type | Privately owned company |
|---|---|
| Industry | Recycling industry |
| Founded | 2000 |
| Headquarters | , People's Republic of China |
Area served | People's Republic of China |
Key people | Chairman: Mr. Chun Chi-wai |
| Website | China Metal Recycling (Holdings) Limited |
History
editThe 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
editReferences
edit- ^ "China Metal Recycling Seeks $200 Million H.K. IPO (Update2) - Bloomberg". Bloomberg. 2 November 2012. Archived from the original on 2 November 2012. Retrieved 12 June 2024.
- ^ "China Metal Recycling Holdings Limited (773) Company Profile - CorporateInformation.com". corporateinformation.com. 17 July 2011. Archived from the original on 17 July 2011. Retrieved 12 June 2024.
- ^ "China Metal Recycling (Holdings) Ltd - Company Snapshot". alacrastore.com. 2 September 2012. Archived from the original on 2 September 2012. Retrieved 12 June 2024.
- ^ Jönsson, Anette (18 June 2009). "China Metal Recycling prices IPO at the top". FinanceAsia. Retrieved 12 June 2024.
{{cite news}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link) - ^ Oliver, Chris (22 June 2009). "China Metal Recycling jumps 24% in Hong Kong debut". marketwatch.com.
- ^ "China Metal Recycling Plunges as CFO Wong Resigns (Update5) - Bloomberg". Bloomberg. 2 November 2012. Archived from the original on 2 November 2012. Retrieved 12 June 2024.
- ^ "China Metal Recycling (Holdings) Limited". chinametalrecycle.com. 7 January 2012. Archived from the original on 7 January 2012. Retrieved 12 June 2024.
- ^ "Glaucus Research Report: China Metal Recycling Holdings Ltd" (PDF). www.glaucusresearch.com. 28 January 2013. Archived from the original (PDF) on 29 November 2022.
- ^ "Hong Kong stock exchange to delist China Metal Recycling for 'obtaining listing by fraud'". 31 December 2015. Retrieved 29 July 2016.