(Yicai Global) May 23 -- Another Hong Kong-listed company has been subject to short-selling as its share price has plunged by more than 20 percent in a day. Shares in Cogobuy Group [HKG:0400] fell by as much as 26 percent in intraday trading yesterday due to short-selling. The company suspended its shares early afternoon after dropping 22 percent to close at HKD7.8 (USD1).

Earlier, Blazing Research, which says its "ultimate goal is to fight financial crime and expose fraudulent companies for public," published a short-selling report on its website accusing Cogobuy of fabricating and exaggerating its revenues, citing Cogobuy's online data and industry and commerce materials. Blazing Research said Cogobuy is just another scam company and implied UBS Group AG. Blazing research valued Cogobuy stock at HKD0.53 a share, implying a 95 percent overvalue in its current share price.

"We have finally got the first short-selling report. The short-seller pretends to have a domestic research institution. We have immediately reported the case to Shenzhen police. We will also continue buying back our shares," Cogobuy Chairman Kang Jingwei was quoted by the Securities Times as saying.