SGX orders independent review of issues raised by Best World short-seller

The regulatory arm of the Singapore Exchange has ordered a review of Best World International's business in China, to address all matters raised in a short-seller report after the stock fell 9 per cent on Wednesday.THE regulatory arm of the Singapore Exchange has ordered a review of Best World International's business in China, to address all matters raised in a short-seller report after the stock fell 9 per cent on Wednesday.

Best World shares fell as much as 11 per cent on Wednesday after short-seller Bonitas Research questioned the accounting behind the premium skincare firm's profits and its sales practices in a 28-page report. Bonitas referenced the BT exclusive published on Feb 18, headlined"Sales of DR's Secret in China: Best World's best-kept secret?".

It questioned whether the reviews were authentic:"Not only did we find repetitive/sequential reviews from the same accounts ... but also calculated a six times acceleration in the number of reviews generated after, versus before, the BT article was published." The short-seller also highlighted that Best World's products were priced higher than other luxury brands; it was second only to Chanel.

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