China Metal Recycling
 | |
| Privately owned company | |
| Industry | Recycling industry |
| Founded | 2000 |
| Headquarters | Guangzhou, Guangdong, People's Republic of China |
Area served | People's Republic of China |
Key people | Chairman: Mr. Chun Chi-wai |
| Website | China Metal Recycling (Holdings) Limited |
China Metal Recycling (Holdings) Limited (SEHK: 773) is the largest recycler of scrap metal in Mainland China by revenue.[1] Based in Guangzhou, Guangdong, it is mainly engaged in collecting scrap steel, scrap copper and other scrap metals and processing them using equipment to produce recycled scrap metals for its customers.[2] Its recycling facilities are located in Guangdong, Jiangsu and Hong Kong.[3]
History
The company was established in 2000. The company was listed on the Hong Kong Stock Exchange in June 2009 with the IPO price of HK$5.15 per share.[4] Its stock price was closed at HK$6.44 at the first trading day, 24% higher than its IPO price.[5] On 17 November 2009, its price suddenly plunged 24%, the most since listing, as its Chief Financial Officer, Wong Hok-leung, resigned after saying he was denied information.[6] Trading in the shares of the Company on the Stock Exchange has been halted from 9:17 a.m. on 28 January 2013. The trading in the shares of the Company will remain suspended until further notice. American short-seller Glaucus Research Group in its latest report, said: "CMR purports to be the largest scrap metal recycling company in China. We believe this is a lie. Publicly accessible import data from the Chinese government suggests CMR is a blatant fraud that has deceived the market about the size of its business." The Company has been advised by Mr. Chun Chi Wai, the Chairman and Chief Executive Officer of the Company, that he has engaged legal advisers to initiate legal proceedings against Glaucus.[7] .[8]
