Sofa exporter Zoy, named in pump-and-dump scam, exposes underbelly of China’s US$11 trillion stock market


Source: scmp.com scmp.com

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Zoy Home Furnishing, an exporter of sofas and furniture in Zhejiang province spurned by most securities analysts, has become the public face of China’s crackdown on financial malfeasance, offering the nation’s 186 million investors a peek into the underbelly of Asia’s largest capital market. The 1.4 billion yuan (US$218 million) company, based in Anji county, was named on May 16 by the China Securities Regulatory Commission (CSRC) as the subject of an investigation into pump-and-dump price manipulation based on a whistle-blower’s report. The scam came to light when Ye Fei, a hedge fund manager working for Huaibei Yitian Investment, wrote...