Hong Kong drinks company Vitasoy shares plunge after Chinese call online for boycott

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HONG KONG: Shares of Vitasoy had their biggest ever drop on Monday (Jul 5) after a worker sent around a memo offering condolences to the family of ...

HONG KONG: Shares of Vitasoy had their biggest ever drop on Monday after a worker sent around a memo offering condolences to the family of a colleague whoIn a statement on the Chinese social media platform Weibo on Saturday, Vitasoy said a staff member had circulated a memo that it described as"extremely inappropriate" without authorisation, and the company reserved the right to take legal action.Shares of Vitasoy were down 14.6 per cent at HKUS$25.1, levels not seen since April 2020.

Chinese actor Gong Jun, who previously endorsed a Vitasoy lemon-flavoured drink, announced late on Friday he was ending commercial cooperation with the company, said Global Times, a tabloid published by the ruling Chinese Communist Party's official People's Daily newspaper.His announcement followed that of another Chinese actor, Ren Jialun, who said he was also ceasing co-operation with Vitasoy, the newspaper added.

Hong Kong authorities warned on Sunday that advocating for people to mourn for the attacker was no different from"supporting terrorism" and criticised parents who took children to mourn him.

 

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