CHINA Changsheng Bio-technology receives advance notice of mandatory delisting

CHINA

Changsheng Bio-technology receives advance notice of mandatory delisting

Xinhua

03:19, December 12, 2018

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(Photo: sina)

SHENZHEN, Dec. 11 (Xinhua) -- Changsheng Bio-technology, a major Chinese vaccine maker, has received advance notice of a mandatory delisting from the Shenzhen Stock Exchange, the company said in an announcement on Tuesday.

According to the advance notice, authorities have revoked the pharmaceutical production license and imposed a fine of more than 9.1 billion yuan ($1.32 billion) to its major subsidiary Changchun Changsheng Life Sciences Limited for the illegal production of vaccines.

The illegal acts have severely damaged the national and public interests, the advance notice said.

China's top securities regulator amended rules on removing companies from domestic stock exchanges months ago, specifying that companies involved in major breaches of the law that threaten public health or security will face compulsory delisting.

Changsheng Bio-technology can submit written materials or apply for a hearing to appeal against the stock exchange's decision.

The company risks being subject to delisting risk warning, trading suspension, and final delisting.

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