SHANGHAI Jahwa United Co, a local cosmetics maker, tumbled by the 10 percent daily trading cap to close at 62.99 yuan (US$10.25) yesterday amid a boardroom dispute at its parent company.

Its shares plunged ahead of an annual board meeting scheduled today. The Shanghai Composite Index added 0.35 percent yesterday. Jahwa United dropped more than 15 percent this week after media reported the boardroom infighting, leading to a 4.9 billion yuan loss in its market value in two days. Jahwa United suspended trading of its shares on Tuesday for an "important undisclosed issue."

The listed firm said it's business as usual.

Ge Wenyao, chairman of Jahwa United, yesterday called for a truce in the dispute with controlling investor Ping An Insurance Group which owns 26.8 percent of the listed unit. Ge, 65, who served the company for 28 years, was removed as chairman of Jahwa Group on Monday, but remained as chairman of Jahwa United. He may address the dispute at the meeting today, the China Securities Journal said.