China Minzhong

China Minzhong: Mgt refutes allegations in short-seller Glaucus’ report. Says it has done a preliminary review and notes that most of the issues raised with regard to the company’s financials were “nothing new” and arose out of a “complete lack of understanding of the company’s business model as well as the operating environment in China”. Adds, it will not hesitate to take legal action to defend its rights and reputation. The company is in process of collating the relevant supporting documents and preparing its response, which is expected to be released before the end of the week. Accordingly, the company will extend its trading halt to 5pm, 30 Aug, Friday. Also, China Minzhong has changed its timing for the release of its FYJun13 results from this morning to later this evening. This is to facilitate the verification and confirmation of certain issues highlighted by Glaucus, and to ensure the consistency of information to be set out in the response and the full year results.