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(Yicai Global) June 24 -- Bosideng International said a report by Bonitas Research was misleading after the short seller questioned the Chinese down jacket maker's profits. The report prompted the biggest one-day decline in Bosideng's shares since it went public more than a decade ago.
The Suzhou-based company said it plans to issue a statement to clarify how the report was deceptive. Published yesterday, the report accuses Bosideng of fabricating CNY807 million (USD117.4 million) in profits since 2015.
Shares in Bosideng [HKG:3998] plunged almost 25 percent to HKD1.73 (22 US cents) in the morning before the company suspended trading. It was the biggest single-day slide in the stock price since the firm listed in 2007.