(Yicai) Nov. 5 -- Shares of Chinese snack manufacturer Bestore rose after the company announced it is cooperating with local authorities to refute a vlogger’s allegations of misleading food labels.

Bestore [SHA: 603719] closed 2.4 percent higher at CNY12.67 (USD1.80) in Shanghai today, though still almost 40 percent down since the beginning of this year.

Multiple product batches inspected this year were all found compliant with regulations, the Wuhan-headquartered seller of nut mixes and dried fruit announced yesterday.

Last weekend, a video blogger alleged that some Bestore products feature inaccurate labels, claiming that certain ingredients were replaced with cheaper alternatives or omitted entirely.

In response, the local market regulator has launched an investigation, stating it will handle the matter in accordance with laws and regulations.

Currently, Bestore’s official Tmall store still lists one of the products mentioned by the vlogger, while another has been temporarily removed.

The snack brand has faced a challenging year. From January to September, its net profit plummeted 90 percent year-on-year to CNY19.4 million (USD2.7 million), while revenue declined 9 percent to CNY5.5 billion (USD770 million), according to its latest financial report.

Editor: Emmi Laine