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US Justice Department Charges CIMC With Price Fixing; Hong Kong Shares Down 10%

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The U.S. Department of Justice (DOJ) has charged China International Marine Containers (HKG:2039, SHE:000039) and several of its executives with price-fixing standard, unrefrigerated shipping containers, according to a Hong Kong stock exchange filing on Wednesday.

Shares of the container manufacturer plunged 10% in Hong Kong, while its Shenzhen-listed shares fell more than 8% in recent trade.

According to the DOJ, the alleged price manipulation took place between November 2019 and January 2024. During this period, the prices of standard shipping containers doubled between 2019 and 2021, driving CIMC's container segment profits up nearly one hundredfold over the course of the COVID-19 pandemic.

The DOJ indicted CIMC Chairman Mai Boliang and Vice President Huang Tianhua, while an employee, Wan Yongbo, was also named for his alleged involvement in the conspiracy.

Additionally, Vick Nam Hing Ma, a marketing director at co-conspirator firm Singamas Container Holdings, has been arrested in France and is currently awaiting extradition to the U.S.

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