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Silvercorp CEO Shows Confidence In His Firm in Lifting His Stake: report

Rui Feng, the chief executive of embattled miner Silvercorp (SVM.TO), has boosted his stake in the company further, according to regulatory filings that indicate his vote of confidence in his own firm, Reuters reported.

Feng, who early this month bought 100,000 Silvercorp shares in the open market, has bought a further 135,000 shares, taking his stake in the China-focused miner up to 3.99 million shares, the filings show.

Silvercorp, which operates silver mines in China, is the latest in a string of China-focused companies to come under short-seller attack, Reuters noted. Complaints center around murky finances, or items in corporate filings that the short-sellers say cannot be substantiated, it said.

Silvercorp has dismissed all allegations of fraud and accused short-sellers of running a "short and distort" scheme designed to drive down its share price.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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