Shares of China’s largest dairy farm operator, Hong-Kong listed China Huishan Dairy Holdings Co., were suspended Friday after short seller Carson Block’s Muddy Waters Capital LLC said the company is “worth close to zero” and questioned its profitability in a report.

Huishan shares slid as much as 4.3 percent to HK$2.69 on Friday, the lowest in 15 months, before being suspended in Hong Kong, which the Shenyang-based company said was pending a clarification announcement on the report. Huishan’s market value post-suspension is HK$37.1 billion ($4.8 billion).

Muddy Waters alleged that Huishan had been overstating its spending on its cow farms by as much as 1.6 billion yuan to “support the company’s income statement.” The report also alleged that the company made an unannounced transfer of a subsidiary that owned at least four cow farms to an undisclosed related party and Muddy Waters concluded that Chairman Yang Kai controls the subsidiary and farms.

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