China Metal Recycling (Holdings) Limited () was a company the largest recycler of
scrap metal in
Mainland China by
revenue. 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. Its recycling facilities were located in
Guangdong,
Jiangsu and
Hong Kong. The company was wound up and de-listed after
accounting fraud surfaced.
History
The company was established in 2000. The company was listed on the
Hong Kong Stock Exchange
The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is repor ...
in June 2009 with the
IPO price of HK$5.15 per
share. Its stock price was closed at HK$6.44 at the first trading day, 24% higher than its IPO price. On 17 November 2009, its price suddenly plunged 24%, the most since listing, as its
chief financial officer
The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and financ ...
, Wong Hok-leung, resigned after saying he was denied information.
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.
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."
See also
*
China Medical Technologies
*
List of companies of China
Since the introduction of economic reforms in 1978, China has become one of the world's fastest-growing major economies. , it was the world's second-largest economy by nominal GDP and largest by purchasing power parity (PPP). China was also ...
References
External links
China Metal Recycling (Holdings) Limited
{{Metal companies of China
Chinese companies established in 2000
Companies based in Guangzhou
Companies listed on the Hong Kong Stock Exchange
Metal companies of China
Privately held companies of China
Recycling in China
Waste companies established in 2000
Waste management companies of China
2000 establishments in China