BEST World International shares fell as much as 11 per cent on Wednesday after short-seller Bonitas Research published a 28-page report that questioned the authenticity of the premium skincare firm's profits.
Phillip Securities trader Robin Ho said:"Traders flee to safety first but after a spate of negative reports on Best World, investor confidence has been damaged...The abrupt halt today could have caught many traders with open short positions." Best World sells its line of DR’s Secret skincare products in China, the firm's biggest market. The products are manufactured outside of China and imported by a licensed entity.
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