ChiNext sees first delisting
Print Edition
DANDONG Xintai Electric Co, an electrical equipment maker, has become the first company to delist from the ChiNext board, China’s Nasdaq-style board, for a fraudulent initial public offering process.
The company was convicted of faking financial information during its IPO application in 2014 and releasing falsified details in its regular reports.
Xintai Electric and 17 of its senior executives will be fined and two personnel held responsible will be permanently banned from the market, the China Securities Regulatory Commission said after the market close yesterday.
“Xintai Electric broke the bottom line of integrity and undermined the market order. China’s capital market has zero tolerance of such companies,” said Zhang Xiaojun, a CSRC spokesman.
Xintai Electric will be the first company to delist from the ChiNext board after the CSRC vowed to tighten scrutiny on applicants planning to list and enhance delisting process to improve quality of the market.
Industrial Securities Co, underwriter of Xintai Electric’s IPO, will be fined 12.6 million yuan (US$1.9 million) for its due diligence failure on the listing, and have 32.78 million yuan of illegal income from the deal seized by the CSRC, according to an exchange filing yesterday. Two of its underwriting representatives will be barred from the securities market for 10 years.
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