Vitasoy: Beverage maker's shares plunge after China calls for boycott

Last week, a Vitasoy worker stabbed a Hong Kong police officer with a knife.After calls from China to boycott the company, a Hong Kong beverage manufacturer's shares fell to their lowest point in years.Vitasoy shares fell as high as 14.6% on the worst single day since 1994, when it was listed.These calls were made in response to a note offering condolences for the family of a man that had stabbed a Hong Kong officer.On Thursday, the anniversary of the city's transfer from British to Chinese control, a Vitasoy worker attacked the officer and then shot himself.It marked the 100th anniversary of the Chinese Communist Party.Although it is unclear what motives the attacker had, authorities describe him as a domestic terrorist "lone-wolf" and not a "lone-wolf". According to police, the officer suffered a punctured lung.According to the report of the Chinese state media outlet, the Global Times, the deceased was a director at Hong Kong’s Vitasoy unit."Extremely inappropriate"Vitasoy stated that a worker circulated a memo it described as "extremely inappropriate" without authorisation.The memo stated that the memo was not approved by the office, but that it was sent to an employee privately. It also said that the company reserves the right to sue the employee."Vitasoy Group deeply apologises to all those who have been affected by this. Vitasoy stated that they support Hong Kong's stability, long-term prosperity and development.Vitasoy receives around two-thirds its revenue from mainland China, and the worker's memo led to a flood of online calls calling for Vitasoy's boycott.On Sunday, some 100m people had seen the hashtag #Vitasoygetoutofthemainland.To honor Vitasoy's death, a woman held flowers near the sceneThe stabbing was described by police in Hong Kong as attempted murder and terrorist attack by a single wolf.They also claimed that the attacker was "radicalized" by a computer they took from his house, although police have not given any further information about this alleged radicalization.Continue the storySunday's warning by authorities in Hong Kong was that encouraging people to grieve for the terrorist attacker is no different to "supporting terror" and parents who take their children to his funeral were criticised.The incident occurred on July 1, which is a significant date in both Hong Kong and mainland China.There have been times when relations between Hong Kong's police force, its citizens, and the police force has been strained. Police were accused of reacting to protestors in a disproportionate manner during pro-democracy demonstrations in 2019.According to one opinion poll, Hong Kongers are less likely to approve of police officers than they were in 2017, when it was at 66.9%. It is now at 36.8% for 2020.China is not unusual for consumers to boycott the country.H&M, the Swedish fashion giant, saw its sales in China plummet last week after being targeted by a Chinese boycott. The second quarter 2021 sales of H&M in China fell 23% in local currency compared to last year.H&M was one of many brands to raise concerns about alleged human rights violations against Uyghur Muslims living in China's Xinjiang Province.This may be a good option for you: