Lumena Fails To Clear Accusations

Lumena, a Chinese producer of laxatives and engineering plastics, has announced it is unable to resume trading on the Hong Kong Stock Exchange. This spring, the short-selling firms Glaucus Research and Emerson Analytics accused Lumena of lying to investors (C&EN, Oct. 13, page 17). Their reports led to suspension of the Chinese firm’s trading in Hong Kong. Lumena now says it can’t meet conditions imposed by the Hong Kong Stock Exchange. It wants Lumena to release its audited financial results for 2013, issue a convincing rebuttal of the allegations made by Emerson and Glaucus, and prove that it’s a large enough concern to be listed in Hong Kong.