Reported 8 months ago
Rumors of financial fraud among some listed Chinese companies have been widespread, with light and symbolic penalties imposed. Wu Qing, Chairman of the China Securities Regulatory Commission, emphasized that criminal accountability is underway in these cases and some individuals will face imprisonment. Wu Qing outlined eight measures, including protecting investors and launching reforms to support technological innovation and productivity. The case of Fangzheng Electric, which falsified financial reports for five consecutive years, received criticism for insufficient penalties, such as a fine of 6.1 million RMB. Wu Qing stressed the importance of investor protection, strict supervision, and maintaining market fairness. The China Securities Regulatory Commission introduced eight reform measures for the scientific innovation board to promote a healthy market environment and support Chinese companies listed abroad.
Source: YAHOO