The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Hangzhou Hikvision Digital Technology Co Ltd’s shares fell by the most in more than a month after China’s securities regulator opened a probe into alleged misconduct by its billionaire vice chairman.
The investigation, announced in a filing, deals another blow to the surveillance giant that’s blacklisted by Washington. The Chinese seller of video cameras said the China Securities Regulatory Commission is probing two of its board members — Gong Hongjia and Hu Yangzhong — adding that the pair are cooperating with authorities.
Hikvision is fighting for its survival after the US banned the company in October, accusing it of helping Beijing crack down on Muslim minorities in the far-western region of Xinjiang.
The sanction cut Hikvision off from American chipsets needed for its surveillance cameras.
The company denies any wrongdoing. Hikvision’s shares fell as much as 4.5%, the biggest decline since October 10.