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Guangxia Needs Thorough Investigation, Suspended for Another 30 Days
Chinese regulators have poked a probe into Ningxia-based Guangxia (Yinchuan) Industry for allegedly distorting financial data that its subsidiary Tianjin Guangxia has released to its shareholders and investors.
In a statement issued Wednesday, the company declared that it immediately set up a checkup team heading for Tianjin for an investigation when the Beijing-based Caijing magazine let the cat out of the bag on August 2.
After an initial investigation, the team admitted to gross inaccuracies in product quantity, export number and financial reports in its Tianjin branch. Meanwhile, China Securities Regulatory Commission (CSRC) has dispatched an investigation team to Yinchuan on August 5.
"Necessary to educate our board chairmen"The article of the Trap of Yin Guangxia, the bellwether among listed companies in Ningxia, carried by Caijing, has set up not a small hubbub in Ningxia Hui Autonomous Region.
As to Caijing's report, staff with local security regulatory department said they had been shocked but they considered the report having some grounds though not 100 percent right.
In the meanwhile, they agreed that 'it's necessary to educate our board chairmen to infiltrate him with investors' consciousness and the responsibility for shareholders', which is a thing of great importance.
By PD Online Staff Li Heng
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