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Shares in Yue Yuen Industrial Holdings Ltd, the world’s largest branded shoemaker, fell the most in nine months in Hong Kong trading after the company said it plans to increase factory workers’ compensation in a bid to end a strike.
Yue Yuen shares fell 5%, the most since July 2013, to close at HK$24.80, extending the stock’s decline this year to 4.3%.
Workers at the shoemaker, a supplier to companies including Adidas and Nike, continued to strike for a seventh day, disrupting output, spokesperson George Liu said on April 22. Yue Yuen, based in Hong Kong, offered to add a monthly living allowance of RMB230 (US$37) at its factories in southern China starting May 1, Liu said on April 22. It also agreed to bring forward to next month a social-security benefit plan originally scheduled for 2015, he said.
About 2,000 workers clocked in on April 21, but did not work, at the Yue Yuen factory complex in Jiangxi province, southern China, joining at least 10,000 employees at another Yue Yuen factory complex in Dongguan, Guangdong province, who have been on strike since April 14.
The Dongguan complex, which is operated by the Taiwan-based Pou Chen Group, has at least 40,000 employees and produces footwear for Reebok, Nike, and more than 20 other brands. The Jiangxi complex mainly produces shoes for Adidas.
Chinese authorities have deployed riot police and warned strikers against gathering at the factory. Last week the state newswire Xinhua reported that dozens of workers had been taken away by police. According to the China Labour Bulletin four workers were taken to hospital on the first day of the strike. Chinese state media has claimed that no one was injured.