Visual China’s Shares Slump on Watchdog’s Suspension Order

LIAO SHUMIN

(Yicai Global) Dec. 11 — Visual China Group’s shares have tumbled after China’s Internet watchdog said that the photo agency needs to rectify its procedures due to illegal information services, which will be the second time for the site to be called off for foul play this year.

VCG’s [SHE:000681] stock price dropped by the daily limit of 10 percent to CNY18.10 (USD2.60) this morning.

VCG needs 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.

Nine months ago, VCG wrongly claimed copyright for the world’s first photo of a black hole.

Editor: Emmi Laine