China Securities Regulatory Commission has ordered Sainty Marine to pay a fine of RMB600,000 ($88,500) for irregularities on the stock market.
According to the commission, Sainty Marine didn’t disclose some connected transactions it had with Mingde Heavy Industry which should have been disclosed under listing rules, and it has also faked financial statistics in the annual reports for 2013 and 2014.
Nanjing Intermediate People’s Court recently approved Sainty Marine’s restructuring plan, under which Sainty Marine will acquire a series of power plant assets from its parent Jiangsu Guoxin Group via issuing new shares. It will quit the shipbuilding business upon completion of the restructuring.
