(Yicai Global) Sept. 2 -- Thunisoft’s shares fell to the lowest in almost three years today after the Chinese software and information services provider said yesterday that it was being investigated by the Beijing Municipal Committee of Supervision for alleged bribery.

Thunisoft [SHE: 300271] slumped 8.5 percent to CNY11.13 (USD1.72), the lowest since October 2018. The stock has declined 38 percent since Aug. 30, causing heavy losses for investors.

Shao Xue, Thunisoft’s chairman, general manager and actual controller, was investigated by the Beijing Municipal Committee of Supervision on March 22 for allegedly offering bribes, the company said on Aug. 29.

Beijing-based Thunisoft noted that the investigation only targeted Shao and had nothing to do with the company. But it received a letter from the Shenzhen Stock Exchange the same day, seeking details of Shao’s alleged bribery. The bourse also asked Thunisoft to explain why this was not relevant to the company.

The pre-registration of claims for indemnity by Thunisoft’s investors has now started. Yicai Global understands from a lawyer that the impaired investors who bought Thunisoft shares between March 22 and Aug. 29, including both dates, and sold or continued to hold these shares after Aug. 30, can pre-register their claims.

But the terms of the indemnity claims will ultimately be determined by a court, the lawyer added.

Founded in 2001, Thunisoft went public in 2011. The firm had revenue of CNY2.2 billion (USD333.4 million) in the first half of this year, a 157 percent annual gain, with net profit of CNY215 million (USD33.3 million), a 13-fold 1increase.

Shao has been Thunisoft’s chairman since 2003 and is its actual controller, with a 13.21 percent stake in the firm company.

Editor: Peter Thomas