Wenzhou,Zhejiang-Huafon Spandex,the listed elastane arm of Huafon Group,has been questioned by the Shenzhen Stock Exchange.The probe follows a deal where Huafon Spandex absorbed of the group's PU resin and polyester polyol subsidiary Zhejiang Huafon New Materials(ZHNM)at a 222% premium.The Stock Exchange was also interested in the profitability of the new materials subsidiary.Huafon Spandex claims that ZHNM is China's PU resin market leader with a 57% share in 2017 and a 63% share in 2018.The numbers come from a company filing in July in response to hte questions.
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