Yunnan Green-Land suffers another hit
By Chen Li |
March 22, 2011, Tuesday
|
Print Edition
Print Edition
SHARES of Yunnan Green-Land Biological Technology Co tumbled by the daily cap of 10 percent as soon as the Shanghai stock market opened yesterday morning as investors scurried to dump the company stock following the arrest of its chairman for fabricating facts in the firm's prospectus.
The plunge was another hit for the company, engaged in planting and sale of greening plants, within two trading days. On Friday morning, trading in its shares had to be suspended after a 10 percent plunge when police announced the arrest of its board chairman He Xuekui.
He, the founder of the firm listed on Shenzhen's small and medium enterprises board, resigned from her position on Friday. Police froze all her 43.25 million non-tradable company shares when the probe was launched last December.
The 42-year-old entrepreneur could face up to five years in prison if found guilty, plus a fine ranging from 1 to 5 percent of all her profits from the financial crime, according to China's Criminal Law.
The Yunnan firm has never issued any additional shares after it went public on December 21, 2007.
Since its listing, the firm changed three financial directors, three accounting firms and altered its profit forecast five times between October 2009 and April 2010.
The plunge was another hit for the company, engaged in planting and sale of greening plants, within two trading days. On Friday morning, trading in its shares had to be suspended after a 10 percent plunge when police announced the arrest of its board chairman He Xuekui.
He, the founder of the firm listed on Shenzhen's small and medium enterprises board, resigned from her position on Friday. Police froze all her 43.25 million non-tradable company shares when the probe was launched last December.
The 42-year-old entrepreneur could face up to five years in prison if found guilty, plus a fine ranging from 1 to 5 percent of all her profits from the financial crime, according to China's Criminal Law.
The Yunnan firm has never issued any additional shares after it went public on December 21, 2007.
Since its listing, the firm changed three financial directors, three accounting firms and altered its profit forecast five times between October 2009 and April 2010.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
