Shanghai Pharma slides 24pc after fraud probe report

Shares of Shanghai Pharmaceuticals, a leading mainland drug maker and distributor, fell 24 per cent to a record low in Hong Kong after a mainland newspaper reported a fraud investigation into the company.

State-owned Shanghai Pharmaceuticals closed at HK$9.11 - less than half its initial public offering price of HK$23 a year ago - after the shares dropped as much as 35 per cent yesterday.

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