CSRC fines Industrial Securities
By Cai Xiao | China Daily | Updated: 2016-07-30 07:43
Regulator says underwriter failed duty to examine Xintai's books sufficiently
China's securities regulator on Friday issued an administrative penalty and levied heavy fines against mid-sized brokerage Industrial Securities Co, for negligence of its duties in relation to its client Dandong Xintai Electric Co, the first company to be delisted because of IPO fraud.
Shenzhen-listed Xintai is in the process of delisting for fabricating financial information, including in its application for its initial public offering.
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