Your current location:HOME >sport >Shanghai real estate company faces $1.2 mln fines for multiple violations 正文
TIME:2024-05-22 01:15:06 Source: Internet compilationEdit:sport
ECNS)-- Shanghai Industrial Development Co. (SIDC) Ltd, primarily engaged in the real estate busines
(ECNS)-- Shanghai Industrial Development Co. (SIDC) Ltd, primarily engaged in the real estate business, is facing penalties totaling 8.5 million yuan (about $1.2 million) due to allegations of failure to timely disclose anticipated losses, signing of significant contracts, and suspected of false records in annual reports for six consecutive years.
According to the "Notice of Administrative Penalties and Advance Notice of Market Exclusion" issued by the Shanghai Securities Regulatory Bureau, it was not until Jan. 12, 2022 that SICD disclosed its anticipated losses in an interim announcement, almost one month after it already determined the risk of operating losses due to unrecoverable accounts receivable at its controlling subsidiary Shanghai Shangshi Longchuang Intelligent Technology on Dec. 15, 2021.
In September 2020, SIDC and its wholly-owned subsidiary Shanghai Gaoyang Hotel Co., signed a framework agreement with the Land Development Center of Hongkou District, Shanghai. However, it failed to timely disclose this significant contract.
There were also suspicions of false reports, with a total inflated revenue of 4.722 billion yuan and an inflated total profit of 614 million yuan from 2016 to 2021.
Relevant senior executives are subject to fines. Warnings and fines of 4 million yuan were imposed on Zeng Ming, then legal representative and chairman of SICD, and Cao Wenlong, vice president and Chief Financial Officer, respectively. Other fines were also imposed on then SICD presidents and directors Xu Xiaobing and Tang Jun.
Cao was also banned from entering the securities market for 10 years.
Following the "Notice", SIDC stock prices have fluctuated in recent days.
Shooting injures 2 at Missouri high school graduation ceremony2024-05-22 01:13
Nicaragua severs diplomatic relations with Ecuador after assault on Mexican embassy2024-05-22 00:42
Qinghai Lake starts to thaw2024-05-22 00:04
China launches satellites to monitor atmospheric, space environments2024-05-21 23:54
Should you claim child benefit? What it's worth2024-05-21 23:46
CBA Roundup: Liaoning beat Xinjiang, Golden Bulls bag 8th straight win2024-05-21 23:35
Blinken assures US support of Black Sea allies as Ukraine urges military aid during conference2024-05-21 23:12
Sudden heavy rains in Oman kill at least 17 including schoolchildren whose bus was overtaken2024-05-21 23:06
Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored2024-05-21 23:03
In pics: red2024-05-21 22:57
Devout Christian doctor, 68, who punched dementia2024-05-22 01:11
What does science say about the ingredients in functional beverages?2024-05-22 00:20
IOC, UEFA to monitor betting integrity ahead of major events2024-05-22 00:15
2nd Airbus A320 assembly line project under construction in Tianjin2024-05-21 23:58
Scottie Scheffler's Louisville court date postponed after arrest during PGA Championship2024-05-21 23:03
New Godzilla x Kong film continues to lead China box office2024-05-21 23:01
Jelly Roll reveals he's lost '702024-05-21 23:00
Bradley Cooper takes his 72024-05-21 22:57
Brewers starter Joe Ross leaves after first inning vs. Marlins with lower back strain2024-05-21 22:49
Marinos see off Shandong to seal first ACL semis2024-05-21 22:41