Wuliangye suspended from trading for rule violation
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Wuliangye Yibin Co., one of China's top liquor makers, was temporarily suspended from trading Thursday because it had violated disclosure rules, says a statement on the web site of the Shenzhen Stock Exchange Thursday.
The liquor maker did not properly disclose securities investment losses and was found to have discrepancies in its reported core business revenue, the China Securities Regulatory Commission (CSRC) said Wednesday.
The company lost 55 million yuan (8.05 million U.S. dollars) in investment in 2007 and failed to report it.
In 2000, the company used 130 million yuan for securities investment. By the end of 2005, it had shrank to about 87.62 million yuan. The securities firm went bankrupt in 2007 and Wuliangye received 4.59 million yuan as compensation. However, the company did not accrue the impairment provision in its reports between 2006 and 2008.
The company reported a core business revenue of 8.25 billion yuan in its annual performance report for 2007, compared with the actual 7.25 billion yuan, the CSRC said.
The CSRC said the investigation into the case started since July 28 and was still proceeding. The company's shares would resume trading after the company issued a "relevant" announcement, the Shenzhen Stock Exchange said.
The share price of the company fell 4 percent on Wednesday to close at 21.60 yuan.
