First Chinese Company Forced to Delist Has Its Day in Appeals Court
Liao Shumin
DATE:  Dec 20 2017
/ SOURCE:  Yicai
First Chinese Company Forced to Delist Has Its Day in Appeals Court First Chinese Company Forced to Delist Has Its Day in Appeals Court

(Yicai Global) Dec. 19 -- Dandong Xintai Electric Co., the first company Chinese regulators forced to delist, has appealed its fate in court.

Beijing Higher People's Court heard the power equipment company's case this morning. Huang Wei, party committee member and assistant chairman of the China Securities Regulatory Commission, and also its chief lawyer, was present to respond to the suit, Chinese media outlet Caixin News reported.

Based in the northeastern province of Liaoning, Xintai Electric became the first company to face mandatory removal from a Chinese stock market -- the Nasdaq-like ChiNext board -- in July 2016 after the securities watchdog accused it of fraud in its initial public offering. The firm has refused to accept the administrative penalty.

Xintai Electric applied to go public in November 2011 and got the green light on Jan. 3, 2014. The company falsified its accounts receivable to gain that approval and continued to do so while a publicly listed company.

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Keywords:   Xintai Electric,Delisting