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Shandong Molong says securities regulator investigating chairman
February 9, 2017 / 1:36 AM / 10 months ago

Shandong Molong says securities regulator investigating chairman

HONG KONG, Feb 9 (Reuters) - Shandong Molong Petroleum Machinery Co Ltd said on Thursday China’s securities regulator was investigating its controlling shareholder and chairman for suspected violations of securities rules and regulations.

The China Securities Regulatory Commission was also investigating Zhang En Rong as well as the company’s deputy chairman, Zhang Yun San, Shandong Molong said in a filing to the Hong Kong stock exchange.

The pumps and petroleum machineries maker said it would urge both executives to fully cooperate with the CSRC. It gave no further details.

Zhang En Rong holds 43.49 percent of the Shenzhen-listed shares, while Zhang Yun San owns 4.27 percent.

Zhang Yun San also holds 3.5 percent of the company’s Hong Kong-listed shares.

In December, the chairman of China’s securities regulator, Liu Shiyu, said the country’s capital markets had seen a series of “abnormal phenomena” lately, challenging the bottom line of China’s financial law and regulations. (Reporting by Donny Kwok; Editing by Stephen Coates)

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