Boyuan delisted for rules violation
Print Edition
THE Shanghai Stock Exchange said it has, for the first time, delisted a company for breaching rules on information disclosure.
The move was welcomed by investors as the stock regulator moved to crack down on fraud to restore investor confidence.
An investigation found that Boyuan’s violation was “very grave,” the bourse said.
Zhuhai Boyuan Investment Co forged bank’s acceptance bills to cover up 380 million yuan (US$58.6 million) in earnings its controlling shareholder had failed to pay. It inflated assets, revenues and profits.
The delisting highlights the China Securities Regulatory Commission’s zero tolerance of major violations, it said.
Hopefully the move will encourage listed companies to disclose information in accordance with rules and this could help better protect investor’s legitimate rights and interests and promote the stable and healthy development of the capital market, it added.
The China Securities Regulatory Commission launched an investigation into the case in June 2014 and handed it to the police in March 2015.
Boyuan received a delisting warning on March 31, 2015, and halted trading of its shares on May 25 the same year.
The last company delisted by the Shanghai exchange was China Erzhong Group (Deyang) Heavy Industries in April 2015, although it was removed because of years of losses.
The securities regulator is seeking to restore investor confidence and improve the quality of listed companies after a market rout last year.
CSRC said in February that it punished 10 companies last year over information disclosure by fining them and confiscating funds.
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