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What will be the percentage change in Ganten's stock price by December 31, 2024?
2
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Story
Hong Kong Consumer Council Apologizes to Nongfu Spring and Ganten for Inaccurate Bromate Report
Jul 17, 2024, 09:51 PM
The Hong Kong Consumer Council has issued an apology to Chinese bottled water giants Ganten and Nongfu Spring after an inaccurate report. The council had initially found that the bromate levels in the bottled water products of Ganten and Nongfu Spring were at the maximum limit set by the EU, which caused significant backlash from the companies. The tests were conducted on 30 brands of bottled water, and 3 micrograms per liter of bromate was detected in the products of Ganten and Nongfu Spring. Nongfu Spring, in particular, criticized the report as 'unscientific' and demanded an apology. The Consumer Council later clarified that the tests were mistakenly conducted based on natural mineral water standards and confirmed that the products meet relevant safety standards. Following the apology, Nongfu Spring's stock rebounded by about 4%. Ganten is run by China’s richest person.
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