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The company has been undergoing a crisis in both reputation and finance, as its shares hit the limit down after the incident
Shuanghui ham sausage brand
China’s largest pork processor Shuanghui (000895) (Chinese: 双汇) said on Tuesday that it has suspended responsible staff and sealed 310 kilograms (683 lb) of pork with sanitary issues exposed two days ago.
Shuanghui stock prices plummeted after the revelation and hit the lower price limit during intraday trading. Its shares closed 0.4% higher yesterday, rising to CNY 25.23 (USD 3.97) apiece.
Hong Kong-listed WH Group (0288: HK) also ended higher in yesterday’s trading, up 3.46%, after an 8.85% loss on Tuesday. Shuanghui is a unit of WH Group, the world’s largest pork producer.
TV news crew in Jiangxi Province revealed the unhygienic work practices at Shuanghui’s factory in Nanchang, Jiangxi’s capital. According to the undercover report, workers wore smelly uniforms, used dirty towels to wipe the assembly line, and put pork that had fallen to the floor directly back into packages.
The company apologized in a statement on Tuesday, pledging to disinfect all uniforms and enhance the assessment on food safety training for employees. No specific timetable is provided on the progress of its investigation.
The reputation and profits of the company will both suffer tremendously, Zhu Danpeng, a food industry analyst, told the media.
This year’s “315 Gala,” an annual TV show displaying a series of undercover reports on March 15–– World Consumer Rights Day— also uncovered other food safety problems. These include the use of pickled vegetables produced in unsanitary conditions by brands including Master Kong (0322: HK) (Chinese: 康师傅方便面), China’s top instant noodle producer.
Amazon Global Selling: A Decade of Growth in a Vast Market
Dec 17, 2024 05:43 PM
Podcast Marketing, A Useful Tool for Companies Going Overseas
Dec 02, 2024 02:15 PM