Tianhe Chemicals Group refuted charges that it had committed statistical fraud levied by United States-based Anonymous Analytics, which has been attacking the Chinese company for several weeks. Tianhe said the allegations in the open letter issued on Monday by Anonymous Analytics were “false, groundless, self-contradictory, unreliable, misleading and malicious”.

It reiterated that it had not received any notification from Deloitte that it had withdrawn or intended to withdraw the accountants’ report prepared by Deloitte and included in its prospectus. This is the third clarification made by Tianhe to the Hong Kong stock exchange in an already acrimonious exchange with the US-based outfit.

Tianhe dropped 2.5 per cent to trade at HK$1.52 at 9.55am on Tuesday. The stock slid as much as 47 per cent on its first day of trade resumption on October 9. It had been suspended from September 2 after Anonymous Analytics issued a report alleging the company had inflated its sales and profits.

Source:  www.scmp.com