Zhangzidao Fined After Third Scallop Failure; Public Confidence Drops Amid Company's Defense
According to a recent announcement from Zhangzidao, the China Securities Regulatory Commission has cited the company for financial fraud, material weakness in internal control and untimely information disclosure. Shortly after this, its share price continued to drop to lower levels.
The company has received a warning from the CSRC and must pay a fine of 600,000 yuan (~$87,270 USD), while its president, Wu Hougang, received a fine of 300,000 yuan (~$43,600 USD) and he might be banned from the...
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