CSRC wields hammer

Source: Xinhua | 2017-03-14

CHINA’S securities regulator plans to fine office service provider China Nine Top and Anshan Heavy Duty Mining Machinery Co about 4.4 million yuan (US$637,000) after finding the companies faked assets while conducting a backdoor listing.

Nine Top was alleged to inflate its revenue and bank deposits and collude with Shenzhen-listed Anshan Heavy Duty to carry out a asset restructuring. Several senior managers with Nine Top will be banned from the securities market for five to 10 years, the China Securities Regulatory Commission said.