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CSRC: Listed Firms and Board Chairmen Criticized for Bad Asset Deals
The China Securities Regulatory Commission (CSRC) Thursday publicized the decision to issue a public criticism to five firms and their functionaries for irregularities in substantial purchases and sales of assets.
This is the second time this year the commission has publicly chastised firms for wrongdoing. On March 27, 12 firms were disciplined for failing to register the deals with the watchdog or disclose the opinions of the intermediate organizations on the deals, as required by relevant rules.
The chairmen of the boards of the five firms and their secretaries were also criticized and asked to take responsibility, according to the decision.
The CSRC hopes that the public criticism will remind listed firms of their obligations to disclose information regarding major asset deals for the benefit of investors and the healthy development of the stock market.
The five firms are: Yibin Wuliangye co., Ltd, Shanghai Material Group Import and Export Co.,Ltd, Xiongzhen Group Co., Ltd, ST Xiamen Marine Co., Ltd, and Shanghai Hongsheng Technology Co., Ltd.
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