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    1030   KYG7956A1094


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China developer Seazen issues apology after chairman arrested

07/05/2019 | 07:17am EDT
FILE PHOTO: Future Land Development Holdings Ltd Chairman Wang Zhenhua attends an event marking the company's 25th founding anniversary in Changzhou, Jiangsu

BEIJING (Reuters) - China's Seazen Holdings Co Ltd issued an apology on Friday, days after media reported its chairman was arrested for suspected child molestation, news of which sent shares in the property developer and its parent firm, Future Land, plunging.

Police in the city of Shanghai detained Wang Zhenhua, 57, on Monday on suspicion of molesting a minor girl, according to Chinese state broadcaster CCTV.

"First, to all the victims who have been caught up in this storm, for the huge pain that the victim's family has suffered, we are upset and deeply apologise," the company said in a statement issued late on Friday.

Police, in a statement posted by CCTV, referred only to one victim.

"Seazen will fully support and cooperate with the relevant departments to deal with the issue," the company said

Police issued a statement on Wednesday saying two suspects including a person identified only as Wang, 57, and a woman surnamed Zhou, 49, who is alleged to have brought a girl to a hotel, had been detained on child molestation charges.

On the same day, Seazen's parent firm, Future Land Development Holdings Ltd, said police had detained Wang, who is also that firm's chairman, for "personal reasons".

Fitch Ratings said on Friday it had placed the credit ratings of both companies on a "negative" ratings watch, citing Wang's arrest.

Future Land is China's eighth-largest property developer by sales, and its Hong Kong-listed shares have fallen 36.5% over the past three days, while shares in Seazen have dropped 19% in Shanghai over the same period.

The case has been covered prominently in Chinese media and widely discussed on social media.

Wang's 31-year old son, Wang Xiaosong, was appointed chairman of both firms after his father was detained. Seazen reiterated on Friday that its business would operate as normal.

(Reporting by Huizhong Wu and Min Zhang; Editing by Tony Munroe)

© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
CF INDUSTRIES HOLDINGS, INC. -1.06% 59.785 Delayed Quote.56.08%
LAND CO., LTD. 8.33% 13 End-of-day quote.62.50%
LETS HOLDINGS GROUP CO., LTD. -0.32% 6.32 End-of-day quote.-18.77%
LOOK HOLDINGS INCORPORATED -1.43% 1374 End-of-day quote.43.57%
SEAZEN GROUP LIMITED 5.24% 6.43 End-of-day quote.-0.31%
SEAZEN HOLDINGS CO., LTD 6.23% 36.65 End-of-day quote.5.23%
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Analyst Recommendations on SEAZEN GROUP LIMITED
More recommendations
Sales 2021 186 B 29 049 M 29 049 M
Net income 2021 10 755 M 1 682 M 1 682 M
Net Debt 2021 60 007 M 9 387 M 9 387 M
P/E ratio 2021 3,81x
Yield 2021 7,53%
Capitalization 39 930 M 5 136 M 6 246 M
EV / Sales 2021 0,54x
EV / Sales 2022 0,40x
Nbr of Employees 30 490
Free-Float 30,5%
Duration : Period :
Seazen Group Limited Technical Analysis Chart | 1030 | KYG7956A1094 | MarketScreener
Technical analysis trends SEAZEN GROUP LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 11
Last Close Price 6,43 CNY
Average target price 7,91 CNY
Spread / Average Target 23,0%
EPS Revisions
Managers and Directors
Xiao Ping Lü Chief Executive Officer & Executive Director
Zhong Ming Lu Chief Financial Officer & Executive Director
Xiao Song Wang Chairman
Hua Kang Chen Independent Non-Executive Director
Zeng Jin Zhu Independent Non-Executive Director