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Green-land shares dive after its boss arrested
By Lydia Chen |
March 21, 2011, Monday
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Online Edition
Online Edition
SHARES of Yunnan Green-Land Biological Technology Co tumbled the daily cap of 10 percent right after the Shanghai stock market opened this morning as investors scurried to dump the company following the arrest of its chairman over fabricating facts in the firm's prospectus.
The plunge was another hit for the company in two trading days. On Friday morning, it had to suspend trading after a 10 percent dive when police announced the arrest of its chairman of the board, He Xuekui.
He, the founder of the company listed on Shenzhen's small and medium enterprises board, resigned from her position on Friday. Police also froze all her 43.25 million non-tradable company shares when probe started in December.
The horticulture company is also being probed for possible disclosure of financial information in violation of law.
The 42-year-old entrepreneur could face up to five years in prison if she is found guilty, plus a fine ranging from 1 percent to 5 percent of all her profits according to China's Criminal Law.
Her company has never issued any additional shares after it went public on December 21, 2007, which means data fabrication could only happen during the company's IPO process.
The plunge was another hit for the company in two trading days. On Friday morning, it had to suspend trading after a 10 percent dive when police announced the arrest of its chairman of the board, He Xuekui.
He, the founder of the company listed on Shenzhen's small and medium enterprises board, resigned from her position on Friday. Police also froze all her 43.25 million non-tradable company shares when probe started in December.
The horticulture company is also being probed for possible disclosure of financial information in violation of law.
The 42-year-old entrepreneur could face up to five years in prison if she is found guilty, plus a fine ranging from 1 percent to 5 percent of all her profits according to China's Criminal Law.
Her company has never issued any additional shares after it went public on December 21, 2007, which means data fabrication could only happen during the company's IPO process.
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