ecns [expanded by feedex.net]: Firm faces delisting over IPO fraud

ecns [expanded by feedex.net]

ecns

Firm faces delisting over IPO fraud
http://www.ecns.cn/business/2016/06-02/213049.shtml
Jun 2nd 2016, 17:13



A company traded on the Shenzhen Stock Exchange for more than two years faces being delisted for fraud in its initial public offering (IPO).
Electrical equipment manufacturer Dandong Xintai Electric received an advance notice of penalties from the China Securities Regulatory Commission (CSRC) on Wednesday night, China Securities Journal reported on Thursday.
Dandong Xintai was convicted of providing fake financial data in its IPO application and releasing false information in regular reports. The firm will be fined and two personnel held responsible will also receive fines and be permanently banned from entering the stock market, the notice said.
Once the final penalty statement reaches the company, trading of its shares will be suspended. As Dandong Xintai's presence on the stock market is based on illegality, it will almost certainly exit the market, becoming the first to be delisted from the ChiNext Index, China's NASDAQ-style board of growth enterprises, and the first to be delisted from a Chinese stock index for IPO fraud, the newspaper said.
Before this, a company traded on the Shanghai Stock Exchange for more than two decades, Zhuhai Boyuan Investment Ltd., was finally delisted on May 11 over violation of information disclosure rules, becoming the first to be delisted on the Chinese mainland as China's stock regulator tightens delisting procedures to protect investors.
The CSRC began an investigation into Boyuan in June 2014, leading to a police investigation in March 2015.
The company was found to have repeatedly forged bank acceptance bills and other major transactions, and its financial statements included fraudulent information on assets, income, profit and other items.
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