Shuanghui shares plummet on pig-feed scandal
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Jiyuan Shuanghui Food Coporation is a subsidiary of Henan Shuanghui Investment and Development, specializes in meat production. |
Shares of Henan Shuanghui Investment and Development, China's leading meat processor, fell 10 percent to 77.94 yuan yesterday after its subsidiary in Jiyuan City purchased pigs fed with the banned drug Clenbuterol, the Securities Times reported.
The company said in a statement today that it will suspend trading until the issue is resolved.
The drug, which accelerates fat burning and muscle growth, is used by farmers to get their meat to market more quickly and collect a profit. It's officially banned in China and overdoses can cause illness and in rare cases, death.
Jiyuan Shuanghui Food Corporation, a subsidiary of Henan Shuanghui Investment and Development, specializes in meat production and runs chain stores of its own.
China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
