Southwest Pharmaceutical Co. fell the most in four months after it denied reports that the company may be used by Ganzhou Rare Earth Mineral Industry Co. for a backdoor listing.
The drugmaker’s shares fell 7.9 percent to 13.00 yuan as of the 11:30 a.m. midday break in Shanghai, headed for the biggest drop since Nov. 17. Southwest Pharmaceutical fell the most of any stock on the benchmark Shanghai Composite Index, which gained 0.2 percent.
The Chongqing, southwestern China-based company issued a statement on March 19 denying reports by unidentified media outlets that Ganzhou Rare Earth Mineral would use Southwest Pharmaceutical for a backdoor listing.
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