Your current location:HOME >travel >Shanghai real estate company faces $1.2 mln fines for multiple violations 正文
TIME:2024-05-22 00:38:03 Source: Internet compilationEdit:travel
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.
Kristin Cavallari, 37, ignores critics of her age2024-05-22 00:06
Mobile World Congress 2023 sees strong return of Asian participants2024-05-21 23:56
Profile: Xi Revives Culture, Spearheads Innovation for Modern Civilization2024-05-21 23:42
Shanghai industry fair underlines green ways2024-05-21 23:28
Jerry Seinfeld's stand2024-05-21 23:26
Chinese companies shine at MWC2024-05-21 23:12
Baidu reports better2024-05-21 22:58
(BRF2023) Xi Meets Kazakh President2024-05-21 22:47
Queen Camilla reveals she's seen the first season of Bridgerton2024-05-21 22:28
AI industrial chain spurred on by Sora2024-05-21 22:01
Six killed in a 'foiled coup' in Congo, the army says2024-05-21 23:56
Children learned scientific knowledge with National Science Popularization Day approaching2024-05-21 23:38
The 134th Canton Fair attracted overseas purchasers for new energy vehicles2024-05-21 23:37
Xi Inspects Jingdezhen, Shangrao in East China's Jiangxi Province2024-05-21 23:29
Devout Christian doctor, 68, who punched dementia2024-05-21 23:23
FM rebuts U.S. official's remarks on Chinese cars as false narrative2024-05-21 23:17
Stronger support for advanced machine tools urged2024-05-21 23:04
Mobile World Congress 2023 sees strong return of Asian participants2024-05-21 22:57
Jodie Turner2024-05-21 22:47
China Energy's massive hydropower station to open in March 20242024-05-21 22:37