Visual China's Shares Drop by Daily 10% Limit After Regulator Orders 'Rectification'
Liao Shumin
DATE:  Dec 11 2019
/ SOURCE:  yicai
Visual China's Shares Drop by Daily 10% Limit After Regulator Orders 'Rectification' Visual China's Shares Drop by Daily 10% Limit After Regulator Orders 'Rectification'

(Yicai Global) Dec. 11 -- Visual China Group's shares fell by the exchange-imposed daily limit after China's internet watchdog said the photo agency needs to rectify its procedures due to illegal information services. It is the second time the firm has been called out for foul play this year.


Visual China's stock price [SHE:000681] slumped 10 percent to CNY18.10 (USD2.60) this morning, and closed at that level. The shares are down 22 percent so far this year, compared with a 36 percent gain in the benchmark Shenzhen Component Index.


The Beijing-based company needs to conduct self-rectification because it has violated regulations and illegally engaged in online news information services with overseas companies, the Cyberspace Administration of China said in a statement yesterday. It added that Shanghai-based parent company IC Photo's other site, DFIC, also needs to do the same.

Nine months ago, Visual China wrongly claimed copyright for the world's first photo of a black hole. 

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Keywords:   Visual China Group