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Nasdaq Declares Halt of Netease Stock Trading
The Nasdaq Stock Market announced Tuesday that the trading of Netease.com was halted at 8:52 am EDT (20:52 Beijing Time) and requested additional information from the company.
In a press release on Tuesday, Nasdaq said Netease's trading would stay halted unless the company can provide enough information.
On August 31, Netease completed an internal audit and made a modification of its net income, lowering from its former US$ 79 billion to US$ 37 billion and restated its 2000 net loss at US$20.4 million, 18 per cent higher than previously reported. That investigation had delayed its filing of an annual report, leading the Nasdaq to threaten the company with delisting. The firm's chief executive and chief operating officers have since resigned.
In an interview with Dow Jones Newswires on Monday, China's Sinohome Internet Technology Co disclosed that it was having talks with Netease in a move to take a controlling stake in the troubled Chinese-language portal.
Netease and its financial supporter, Goldman Sachs, have been seeking for possible partners because of the additional internal problems and competition between China's loss-making Internet portals tends to be intensified.
By PD Online staff member Li Heng
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