Reuters: Financial Services and Real Estate: China's Huabao shares slide 17.1 pct, denies fraud

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China's Huabao shares slide 17.1 pct, denies fraud May 4th 2012, 01:31 HONG KONG | Thu May 3, 2012 9:31pm EDT HONG KONG May 4 (Reuters) - Shares of China's biggest flavouring and fragrance company Huabao International Holdings Ltd were set to open down more than 17 percent on Friday as trading resumed, even after it denied allegations that it had reported false financial information. In a statement to the Hong Kong stock exchange, Huabao denied it had overstated profit for 2010 and said transactions with its tobacco customers were genuine and it had legitimate sales invoices. Shares in the company were set to open down 17.09 percent at HK$3.30, their lowest since October 2008. (Reporting by Donny Kwok; Editing by Anne Marie Roantree and Chris Lewis)

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