(Yicai Global) Dec. 28 -- Chen Qiyuan, one half of the estranged couple that founded shampoo maker BaWang International Group Holding Ltd., has dismissed his wife's claims that she will liquidate its holding company and sell off assets to shareholders.

Wan Yuhua said in a press briefing yesterday that her husband repeatedly made decisions that harmed her interests and she no longer trusted him, so she would wind up Fortune Station Ltd. Chen filed for divorce in September, but the couple have been separated for more than two years, she added.

BaWang contacted Yicai Global today on Chen's behalf, denying Wan's assertions. "I can't make head nor tail of her behavior," he said.

The firm's stock plummeted more than 30 percent to an all-time low of HKD0.197 (USD0.03) at opening today, but recovered to HKD0.26 by close.

BaWang has been struggling for several years. Its first-half revenue fell 20.9 percent on the year to CNY107 million, while net profit dropped by 94.7 percent to CNY1.1 million from CNY21.2 million in 2016, its first profit in years.

The company's market cap plummeted by CNY2.4 billion in 2010, after a shampoo it advertised with actor Jackie Chan and singer and actress Faye Wong was found to contain dioxane, which the US lists as carcinogenic. Its value has continued to decline since.

The pair set up BaWang in 2007. It went public in Hong Kong in July 2009 and turned over almost CNY1.76 billion (USD268 million) that year.