May 11, 2019 / 1:28 AM / 2 months ago

Five Chinese firms investigated for failure to issue reports on time

SHANGHAI (Reuters) - The China Securities Regulatory Commission (CSRC) will investigate five listed firms suspected of information disclosure violations after failing to publish annual reports on schedule, the securities regulator said.

The investigation is part of an effort to clean up a sprawling corporate sector just as authorities are vowing to open up capital markets amid escalating trade friction with the United States.

The five firms are ShangHai ZhongYiDa Co Ltd, Xinjiang Yilu Wanyuan Industrial Investment Holding Co., Ltd, Zhejiang Great Southeast Co Ltd, vaccine maker Changsheng Bio-technology Co Ltd and Chengdu Huaze Cobalt & Nickel Material Co Ltd.

Trade in their shares has been suspended due to the investigation, the CSRC said in a posting on its website.

Listed companies’ annual reports are a key part of information disclosure, and an important factor for investors when they make decisions.

The CSRC said would maintain its crackdown on various types of information disclosure violation and it urged listed companies to fulfill information disclosure obligations in a timely and lawful manner to promote the improvement of the quality of listed companies.

Reporting by Luoyan Liu and Brenda Goh; Edkiting by Robert Birsel

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