Ambow leads decline in US-listed Chinese firms

Shares of Ambow Education (AMBO.NYSE) hit a two-week low after management disputes sparked the resignation of board members, Bloomberg reported. The Beijing-based education company led a fall in Chinese stocks in New York as JPMorgan Chase (JPM.NYSE) downgraded Chinese equities to underweight and Bloomberg’s index for China’s most traded US-listed firms fell to a four-month low. Ambow has been plagued with problems since mid-2012, including allegations of financial impropriety. Its shares have declined about 83% in the past year. Three board members resigned Monday citing “fundamental and irreconcilable” differences, just two days after Baring Private Equity Asia proposed taking the company private at a 44.5% premium.