China Huishan Dairy hit the headlines two months ago when its share price crashed 85% overnight.
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Hong Kong’s Securities and Futures Commission (SFC) has ordered an indefinite suspension of all trading in China Huishan Dairy Holdings Limited.
The suspension has been put in place as concerns about the company’s finances grow. China Huishan Dairy hit the headlines two months ago when its share price crashed 85% overnight, wiping €3.81bn off the value of the company.
FrieslandCampina, the fifth-largest dairy processor in the world, faces losing the $30m (€27.3m) in share capital it invested in the company in 2015 as a result of Huishan’s recent financial struggles. The Dutch-based co-op is linked to China Huishan Dairy Holdings through a joint venture, Friesland Huishan Dairy, where each company owns 50% of the shares.
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Friesland will also be fretting over the $700m (€637m) it paid for 50% of Huishan Dairy’s Xiushui plant in the city of Shenyang. China Huishan Dairy has been requested by a Chinese bank to repay the principal of a $50m (€45.5m) loan plus $937,363 (€853,000) interest accrued.
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Hong Kong’s Securities and Futures Commission (SFC) has ordered an indefinite suspension of all trading in China Huishan Dairy Holdings Limited.
The suspension has been put in place as concerns about the company’s finances grow. China Huishan Dairy hit the headlines two months ago when its share price crashed 85% overnight, wiping €3.81bn off the value of the company.
FrieslandCampina, the fifth-largest dairy processor in the world, faces losing the $30m (€27.3m) in share capital it invested in the company in 2015 as a result of Huishan’s recent financial struggles. The Dutch-based co-op is linked to China Huishan Dairy Holdings through a joint venture, Friesland Huishan Dairy, where each company owns 50% of the shares.
Friesland will also be fretting over the $700m (€637m) it paid for 50% of Huishan Dairy’s Xiushui plant in the city of Shenyang. China Huishan Dairy has been requested by a Chinese bank to repay the principal of a $50m (€45.5m) loan plus $937,363 (€853,000) interest accrued.
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