Scandal-ridden Scallops Serve as Pledges in Zhangziao’s Borrowing Money from Banks
Zhangzidao’s yesso scallops are well known in China for their repeated disappearance and death in large quantities. Recently they have hit headlines again, but this time instead of great losses, these scallops are bringing home some money. As pledges, they are said to have helped the company gain a bank loan of 90 million yuan.
The news drove Zhangzidao’s share price upward to a new high level of 4.16 yuan per share on September 16. Later that day the relevant bank, China Minsheng Bank, stepped forward and explained...
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