Zenic, Shanghai Corporation Suspended Due to COVID-19 Impact

[Asia Economy Reporter Son Sunhee] Cosmetic manufacturer and retailer Genic announced on the 25th that it will suspend operations at its Shanghai Cosmetics Co., Ltd. in China.

The company stated, "Due to the deterioration of the corporate financial structure caused by the accumulated deficits of the Chinese manufacturing corporation and the worsening business environment resulting from the global recession caused by the recent COVID-19 pandemic, we will suspend business and production activities."