Sino Grandness: More trouble ahead?

Fyi

http://www.straitstimes.com/business/companies-markets/sino-grandness-shares-fall-11-queried-by-sgx
by

Lee Xin En

SINGAPORE (Aug 1): Shares of Sino Grandness Food Industry Group fell by nearly a third today, earning a query from the Singapore Exchange at 10.14am.
The unusual price movement followed the online publication on a China website of a list of 310 food and beverage products that were recently inspected by Hubei authorities.
The website, China Quality News, reported that out of 310 products randomly tested, 11 were not up to mark. The remaining 299 passed the inspection.
Two Sino Grandness products were listed as part of the 299 that passed inspection: A 450ml bottle icy loquat juice, and a 450ml bottle loquat mango juice.
From last Friday’s close of 58.5 cents, shares of Shenzhen-based Sino Grandess fell to as low as 42 cents before recovering to 51.5 cents as at 11.17am. It was the 11th most active counter thus far today.
When contacted, the company’s vice president for investor relations Stephen Yong confirmed that the company is aware of what was posted on the Chinese website, and will be making a clarification to the exchange later.
For the 1Q16, the company reported a 233% increase in earnings to RMB360.2 million ($73 million) from a year ago. Sales increased 24.3% to RMB723.7 million.
This article was updated at 12.47pm to reflect Yong's response. Shares of Sino Grandness have further recovered to 53 cents.