Hog breeder Jiangxi Zhengbang tumble after online video showed hog death due to feed shortage

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Shares of Jiangxi Zhengbang Technology, one of China’s major hog breeding companies, has come under spotlight after a video clip went viral on Chinese social media, showings hogs raised by the company’s farmers starved to death due to a shortage of feed. 

In response, JiangXi Zhengbang said in a statement to investors on Monday that the incident was an isolated case in a certain regions, and will not affect the company’s overall operations, noting that the issues have been solved through resource coordination. 

The company said it had come under financial strain in June due to the impact of COVID-19 epidemic, and the feed shortage was caused by a lack of communications between logistics and feed factories, vowing to rectify the process using multiple measures. 

The company’s shares tumbled by as much as more than 7% before closing 6.66% down at 5.89 yuan per share in Shenzhen.