BUSINESS Bourse begin delisting ST Changsheng

BUSINESS

Bourse begin delisting ST Changsheng

People's Daily app

15:34, January 15, 2019

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(File photo: CCTV)

After temporarily suspending trading for almost two months, ST Changsheng, the stock of the mother company of Changsheng Bio-technology, received the notice of mandatory delisting from the Shenzhen Stock Exchange on Monday. The company, which sold unqualified vaccines, will be permanently removed from the stock market.

Starting Wednesday, ST Changsheng will resume trading for 30 trading days, during which time the Shenzhen Stock Exchange will issue a risk alert to traders that the stock is going to be delisted.

ST Changsheng will then be suspended from trading for six months.

After the Shenzhen Stock Exchange announces the delisting of ST Changsheng, trading will be available for another 30 trading days for a final settlement.

Changsheng Bio-technology's illegal activities included using expired vaccine raw materials, altering production dates, forging permits and destroying evidence during inspections, a statement said. 

Fifteen people involved in the illegal vaccine production case involving Changchun Changsheng Life Sciences Limited were detained in July. Authorities have revoked the pharmaceutical production license and the company was fined 9.1 billion yuan ($1.3 billion).

In the delisting rules, listed companies found to be falsifying records or failing to disclose important information or harming public health and public safety will be forced to delist.

(Compiled by Qiao Wai)

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