(Yicai Global) Nov. 28 -- Shares of M&G Stationery walked back part of earlier losses after the Chinese stationery chain refuted an online rumor of a suspension of A4 paper sales.
M&G Stationery's stock price [SHA: 603899] moved 1.4 percent down to CNY45.8 (USD6.40) as of 1.57 p.m. after slumping as much as 3.2 percent intraday, continuing sliding from the previous trading day.
The retailer verified to Yicai Global today that the online document that claimed that sales of the common paper product will be halted across all online and offline stores channels from tomorrow is fake. It also announced via the Shanghai Stock Exchange that the information is not true and reported the case to the police. Operations and production are normal, the Shanghai-based chain added.
The document that circulated on social media has since been removed from many platforms. S&M paper is currently available on the firm's flagship stores on e-commerce platforms Taobao, JD.Com, and Pinduoduo. Moreover, on-demand delivery platforms Ele.me and Meituan offer the firm's products. A merchant in Guangzhou's Panyu district said that the store had not received the above-mentioned document.
M&G Stationery is a renowned office and school product supplier in China. It runs more than 80,000 retail outlets nationwide, with 442 stores branded M&G Life Venue and Jiumu Grocery.
Editor: Emmi Laine, Xiao Yi