A report from US-based short seller Glaucus Research Group on Monday knocked almost 50% off the value of Singapore-listed China Minzhong Food, South China Morning Post reported. The hit marked the first instance of short sellers targeting mainland firms in the city-state. China Minzhong, which until Monday’s share price slump had a market value of about US$520 million, was targeted after Glaucus issued a report alleging the company misled investors about sales to its biggest customers. Short sellers have in recent years targeted Chinese companies listed in Hong Kong, Canada and the US, citing financial irregularities.