Daqing Dairy Holdings 1007

Daqing Dairy Holdings 1007

Postby winston » Fri Mar 23, 2012 6:14 am

Second exit for Deloitte in one week by Grace Cao
Friday, March 23, 2012

Confidence in stocks of mainland makers of children's products was jolted once again yesterday as auditor Deloitte Touche Tohmatsu walked away from Daqing Dairy Holdings (1007).

Trading was suspended in the company, which produces baby formula and milk powder.

Since March 16, shares of Daqing have slumped 20.8 percent. On Wednesday, they closed at HK$1.86.

Earlier this week, Deloitte refused to sign off on the books of children's products retailer Boshiwa International Holding (1698). Shares of Boshiwa plummeted by 34 percent before trading was suspended.

The bourse regulator shrugged off concerns of dodgy accounting at mainland firms.

Hong Kong Exchanges and Clearing (0388) chief executive Charles Li Xiaojia said: "It is just an individual case, not a systemic problem."

Li said the bourse was not planning any immediate rule changes in response. Daqing Dairy shares have traded low as a result of management issues.

The Heilongjiang-based company has changed its name, chairman and chief executive officer since listing its shares in Hong Kong 16 months ago.

Celestial Asia Securities associate director Tang Kin-chor said, however, there are alternatives for investors.

Shares of Ausnutria Diary (1717) and Yashili International (1230) fell 3.2 percent and 0.78 percent yesterday.

http://www.thestandard.com.hk/news_deta ... 20323&fc=8
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