SSE concerned over renaming plans

Capital market authorities in China have expressed concern over the growing number of listed companies that plans to change their names and core operations, after business declined due to the ongoing anti-corruption campaign.

The Shanghai Stock Exchange on Thursday sought more detailed explanation on financial holdings from a listed fireworks company that wanted to change its name.

Panda Fireworks Group Co Ltd on March 23 said it plans to rename itself as Panda Financial Holdings and expand into Internet financing. The Shanghai bourse said it has sent two letters to the company asking for more details on the planned move and warned investors that the proposed Internet financing business is risky due to market uncertainty and fierce competition.