-- China Tianrui Group Cement Co. said a sudden drop in its stock last week triggered a margin call involving a major shareholder, explaining the dynamic behind a dramatic plunge that wiped out nearly all of its market value.On April 9, about 133.1 million shares held in the margin accounts of the controlling shareholder — Yu Kuo Co.
Yu Kuo is “seeking legal advice as to whether the forced sale was in compliance with all applicable laws as well as the terms of the relevant contracts,” according to the statement. “Yu Kuo will take further action as appropriate and necessary.”The Li couple was once one of the richest people in Henan province, jointly ranking 168 on the Hurun Report of China’s richest people in 2010 with a net worth of 6.8 billion yuan for their ownership in Tianrui.
Hong Kong securities regulators only require substantial shareholders to disclose pledged positions if they’re related to an issuer’s financing, while those tied to personal debts can remain undisclosed, according to Bloomberg Intelligence’s note. Net Worth for Baby Boomers: How To Tell Whether You’re Poor, Middle Class, Upper Middle Class or Rich
Lawyers for former President Donald Trump said his $175 million bond posted to satisfy the judgement in the New York civil fraud case is financially sound, and they asked the judge to set aside the attorney general’s challenge to the bond and award him costs and fees. -- Seafood restaurant chain Red Lobster is mulling a Chapter 11 bankruptcy filing as it looks to restructure its debt, according to people with knowledge of the matter.
China Tianrui Group Cement Co. Margin Accounts Margin Calls Controlling Shareholder Dramatic Plunge Sudden Drop Yu Kuo
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