CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Chinese shares lower Tuesday, Shuanghui Development plunges

04-19-2011 15:44 BJT

BEIJING, April 19 (Xinhua) -- Chinese shares opened lower on Tuesday with the benchmark Shanghai Composite Index down 0.61 percent to 3,038.81.

The Shenzhen Component Index opened 0.96 percent lower at 12,876.2.

Henan Shuanghui Investment & Development Co. Tuesday resumed trading after a suspension due to a scandal, but shares immediately plunged by the 10-percent daily limit to 70.15 yuan.

The listed company of China's largest meat processor Shuanghui Group announced to suspend trading of its shares since March 16, one day after China Central Television reported Jiyuan Shuanghui Food Co., Ltd., purchased pig fed with feedstuff containing Clenbuterol.

Clenbuterol is a chemical that can be fed to pigs to prevent them from accumulating fat. It is banned as an additive in pig feed in China because it can end up in the flesh of pigs and is poisonous to humans if eaten.

Market expects a 10-percent plunge for at least two consecutive trading days after trading resumes.

The scandal is expected to cost 1.34 billion yuan in business revenue for Shuanghui Development, the listed company said in a statement to the Shenzhen Stock Exchange.

It said the company's net profits will total 265 million yuan to 270 million yuan, up 20 percent to 22.7 percent from the same period of last year. The growth rate is lower than that in the first quarter of previous years, the statement said.

Editor:Yang Jie |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program