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Netease Postpones Issuance of Financial Report
Chinese web portal Netease.com said recently that it had decided to postpone the issuance of its financial report due to the likely misinformation of contract order, and the sale of the first quarter might be greatly lower than expected.
As one or several staff members didn't hand in the right report on some contracts signed between the company and the advertisers, managers of the company would estimate a much lower sale than as expected in the first financial quarter of 2001 by March 31 as shown in an announcement of Netease.com.
The company showed at the same time that an investigation is being conducted in the company and the financial report of the first quarter is to be put back. The contract value involved is estimated at about US$1 million but won't affect on the financial report of the previous quarter. It's reported that two high-level managers involved in this matter have been required for temporary withdrawal from their posts.
Ding Lei of Netease said while commenting on the announcement: "We promise to conduct an overall and in-depth investigation. Netease com. will then take proper action according to the result of investigation by the audit committee."
"In spite of our disappointment with the financial status than we expected, we are still quite confident of the future development of Netease," said Li Jinghui, CEO of Netease.com.
By PD Online staff member Deng Gang
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