Shares in China Zhongwang Holdings slumped 12 per cent on Thursday after trading in the world’s second-largest producer of aluminium products resumed for the first time since it denied allegations of inflated sales in a short sellers’ report.

周四，中国忠旺控股有限公司（China Zhongwang Holdings，简称“忠旺”）的股价下挫了12%。自否认一份沽空机构有关虚报销售额的指控以来，这家世界第二大铝材生产商的股票周四首次恢复交易。

The report by the previously unknown Dupre Analytics accused Zhongwang and Liu Zhongtian, its founder, of routing exports through undisclosed related companies. Dupre alleged this was done to obtain tax rebates from the Chinese government.

此前不为人知的Dupre Analytics发表报告指控，忠旺及其创始人刘忠田通过未披露的关联公司出口。Dupre指控称，这么做是为了从中国政府获得出口退税。

Zhongwang declared the allegations “baseless” and suspended trading on July 31. In a statement on Thursday it said the allegations were “factually incorrect and defy normal commercial logic”.

忠旺宣称这些指控“毫无依据”，并于7月31日申请股票停牌。周四，忠旺发表声明称，这些指控“与事实不符，且不符合正常商业逻辑”。

China is awash in aluminium but the tax system is designed to offer rebates to exporters of processed aluminium, while punishing producers of the energy-intensive base metal, as Beijing tries to curb pollution and incentivise companies to make higher-value products.

中国铝资源十分丰富，但由于北京方面试图抑制污染并鼓励企业生产附加值更高的产品，税收制度向铝加工产品出口商提供退税，同时惩罚这种能源密集型基础金属的生产商。

That has led some companies, however, to process the lightweight metal into basic products in China, then export them, before remelting the exports back into primary metal or other products once overseas.

然而，这导致部分企业在中国国内把这种轻金属加工成基本产品，然后将其出口，接着在海外再熔回成原铝或制成其他产品。

This trade is depressing international prices for the metal used in drinks cans, aircraft and cars, triggering complaints from aluminium processors in Europe and North America.

这种做法压低了国际铝价，引发了欧洲和北美的铝加工企业的抱怨。铝用于制造饮料罐、飞机和汽车。

Zhongwang, which has denied remelting any of its exports, has nevertheless found itself at the centre of the controversy after the short seller’s allegations. It faced US anti-dumping penalties four years ago for allegedly trying to sell subsidised metal into North America.

在上述沽空机构提出指控之后，否认对自家出口铝材进行再熔处理的忠旺，仍发现自己深陷一场争议。四年前，由于涉嫌试图向北美出口得到补贴的铝材，忠旺遭到了美国的反倾销处罚。

The allegations come at a time of heightened attention on Chinese exports of aluminium products, which rose 28 per cent in the first seven months of this year. International aluminium prices have fallen to a six-year low.

沽空机构提出指控之际，今年前7个月中国铝制品出口量上升了28%，引起外界更大的注意。国际铝价已跌至6年新低。

A company called Peng Cheng Aluminum was identified by the short seller’s report as one of the main conduits for Zhongwang’s aluminium products to flow across the Pacific and into the US market.

Dupre Analytics的报告指认，一家名为“Peng Cheng Aluminum”的公司是忠旺的铝制品横跨太平洋进入美国市场的主要渠道之一。

Dalian Liwang and state-owned China Aviation Engine Holdings sell Zhongwang’s aluminium products to Peng Cheng and Transport Aluminium, the Dupre report alleged.

Dupre的报告称，大连利旺(Dalian Liwang)和国有的中航发动机控股有限公司(China Aviation Engine Holdings)把忠旺的铝制品出售给Peng Cheng和Transport Aluminium。

Zhongwang’s rebuttal says Peng Cheng stopped doing business with Zhongwang in November 2014.

忠旺反驳称，Peng Cheng于2014年11月终止了跟忠旺的业务往来。

In a July 10 interview with the FT, Lu Changqing, Zhongwang’s executive director, said Dalian Liwang, the company’s largest domestic customer, was controlled by Peng Cheng. “This is something we all know internally,” he said.

7月10接受英国《金融时报》采访时，忠旺执行董事路长青表示，公司最大的国内客户大连利旺是由Peng Cheng控股的。“我们内部都知道这一点，”他说。

Zhongwang’s rebuttal said an aluminium plate plant in the northern port city of Tianjin, which Dupre had said was delayed, will start as scheduled. It said loans raised by Zhongwang from banks in mainland China will fund the plant.

忠旺反驳称，Dupre声称被推迟的天津铝板厂将如期投产。忠旺表示，公司从中国内地银行筹集的贷款将作为该厂的运营资金。

With additional reporting by Naomi Rovnick and Henry Sanderson in London

纳奥米圠夫尼克(Naomi Rovnick)和孙德生伦敦补充报道