The China-listed company recently had a market capitalization of 6 billion yuan.

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The reaction was sharp in part because it came on the heels of the suspension of an unrelated company, Hong Kong-listed China Forestry Holdings, for accounting irregularities.

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In 2011, he took the position of chairman at Shenzhen-listed Xiwang Foodstuffs, the first listed corn oil company in China.

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In fact, it already apparently has: In August, after Baidu first listed on the Nasdaq exchange, the China Internet Network Information Center said the company enjoyed 38% of the local search market, with Beijing-based portal Sohu coming in second at 19.6%--and Google having a paltry 12.6% of users.

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Still privately held, these stores, if ever rolled into the publicly listed Philippines company, could generate a lot of excitement, turning SM Investments from just a Philippine story into a China boom story.

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