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Zhengzhou Baiwen and Related Intermediary Institutions Punished by CSRC
CSRC gave an administrative punishment on Zhengzhou Baiwen Co., Ltd and some related intermediary institutions for their behaviors in breach of securities laws and regulations, said spokesperson of China Securities Regulatory Committee (CSRC) on September 28.
The spokesperson said that before Zhengzhou Baiwen got listed, it talked big of a profit of 19,08 million yuan, and made a false listing report. After getting listed for three years, the company deceived that it had made a profit of 143.9 million yuan. The company also has other problems like unreal capital stock fund, false information in annual listing report, etc. In the meantime, CSRC also found out that the certified accountants of the company also violated related laws and regulations and made a severed false auditing report.
In accordance with related securities regulations, CSRC gave a warning to Zhengzhou Baiwen and a fine of RMB 2 million-yuan for the company with related officials in the company also being punished.
CSRC has sent related suspects involved in the case to public security department for further investigation.
The spokesperson reiterated that in order to safeguard the principle of "Open, Fair, Just" and protect lawful interest rights of investors, CSRC would spare no efforts for punishing any illegal behaviors once found out.
By PD Online staff member Li Yan
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