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China Metal Recycling (773 HK)

Year: 2013

China Metal Recycling (CMR) was targeted by short-seller Glaucus Research in January 2013 alleging fraud. The company asked for a suspension of its shares pending a rebuttal. In March, the Hong Kong Exchange (HKEx) imposed various conditions for the resumption of trading including (i) a rebuttal, (ii) audited financials and (iii) a forensic investigation. The company failed to meet any of these conditions. Liquidators were appointed in July 2013 after the fraud was uncovered. The company's co-founder Lai Wun-yin was convicted of Hong Kong listing fraud in 2019 and sent to jail for seven years.

Last updated September 2021 

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