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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » China punishes two brokerages in IPO fraud crackdown

China punishes two brokerages in IPO fraud crackdown

4 posters

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
BEIJING (Reuters) - China's securities watchdog has punished two brokerages for violating rules in helping fraudulent firms to list shares, underlining Beijing's determination to bring credibility to a stock market some have likened to a casino.

The China Securities Regulatory Commission will fine Minsheng Securities 2 million yuan for failed due diligence in Shanxi Tianneng Technology's attempt to launch an initial pubic offering in 2011, the regulator said in a statement on its website.

It also gave a warning to Nanjing Securities for a similar violation when it advised Guangdong Xindadi Biotechnology in 2012, the CSRC said. Both IPOs were halted after frauds were uncovered.

Tianneng and Xindadi provided falsified financial information in their offering documents, the CSRC said.
In May, the CSRC suspended Ping An Securities' underwriting licence for three months after it helped fraudulent firm Wanfu Biotechnology to list shares in 2011.

China's IPO market was suspended late last year as Beijing looks to clean up the opaque market and improve the quality of those companies that are allowed to list.

But IPOs in China are due to resume as early as next month.

China's stock market has suffered from rampant corporate scandals, while financial irregularities by some companies have dented the reputation of Chinese stocks traded overseas. (Reporting by Kevin Yao; Editing by Michael Perry)
http://uk.finance.yahoo.com/news/china-punishes-two-brokerages-ipo-033247730.html

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Nowadays we are so close with China, whether SEC will follow China's route to formulate CSE?

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
"It also gave a warning to Nanjing Securities for a similar violation
when it advised Guangdong Xindadi Biotechnology in 2012, the CSRC said.
Both IPOs were halted after frauds were uncovered"


In Sri Lanka does SEC do this job?? If not who is going to catch?
The company auditors? But when it comes to IPO stage auditors would have approved right?

Bond


Manager - Equity Analytics
Manager - Equity Analytics
@slstock wrote:"It also gave a warning to Nanjing Securities for a similar violation
when it advised Guangdong Xindadi Biotechnology in 2012, the CSRC said.
Both IPOs were halted after frauds were uncovered"


In Sri Lanka does SEC do this job?? If not who is going to catch?
The company auditors? But when it comes to IPO stage auditors would have approved right?

Obviously the IPO vetting procedure is as tough as a BUKI share Razz
Problem is what happens after. BUKI can delist and no one can stop them Razz

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
China always try to protect institutions.systems procedures and Economy

We try to always try to protect Relatives,friends and people who support to make money( Individuals)

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