(Yicai Global) Sept. 16 -- Shares of Zhejiang Dahua Technology slid after the leading Chinese surveillance equipment maker rebuffed a media report that said Alibaba Group Holding and China Mobile are preparing to invest in the firm.
Dahua’s stock price [SHE:002236] closed 6.4 percent lower today at CNY21.91 (USD3.24), after soaring by as much as 10 percent yesterday.
According to the China Star Market Daily, Dahua denied a Reuters report that said the e-commerce behemoth and telecoms giant plan to plough CNY3 billion (USD443 million) into the Hangzhou-based company through a private placement of shares in coming weeks.
China Mobile is also negotiating a three-year business deal with Dahua worth CNY40 billion (USD5.9 billion), Reuters said. That would give the Beijing-based carrier use of Dahua's Big Data, cloud computing services, surveillance gear and Internet of Things technology, the report added.
Editor: Kim Taylor