China’s Wahaha heiress takes Hong Kong penny stock on a roller coaster ride

An aborted acquisition deal by the heiress of Chinese beverage giant Hangzhou Wahaha has sent loss-making China Candy, a Hong Kong penny stock, into a free fall.

The candy maker's share price has plummeted 70 per cent from 53 HK cents to 16 HK cents since Friday. It marked an abrupt end to a dizzying 400-per cent bull run since April following the announcement of the potential takeover bid by Kelly Zong Fuli, once dubbed "China's richest daughter".

The only scion of billionaire tycoon Zong Qinghou, who had topped China's wealth list in 2013, made a rare move by using her personal social media account to disclose her failed attempt to buy out the little-know Hong Kong firm.

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Source:
1) www.scmp.com