Shenhuo Coal & Power Gets Regulatory Warning Over Disclosure Breaches; Shares Down 3%

MT Newswires Live09-08

Henan Shenhuo Coal & Power (SHE:000933) received a warning from the China Securities Regulatory Commission for disclosure breaches, according to a Shenzhen bourse disclosure on Saturday.

The Chinese coal mining company's shares dropped over 3% during Monday's afternoon trade.

The company failed to disclose non-operational fund transactions with other related parties. The company also did not disclose promptly that there was competition in the same industry between the controlling shareholder and the listed company.

The regulator's probe also found that certain replacement of self-raised funds with proceeds from fundraising was conducted without fulfilling review procedures, and the company also did not announce that irregularities existed in the operation of its major committees.

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