Source: CCTV.com

04-29-2007 13:32

The Hangxiao Steel Company's 30 billion yuan contract has attracted much public attention recently.

After serious investigation, China's stock regulator says it plans to punish Hangxiao Steel for its inaccurate and incomplete information disclosure.

The watchdog says Hangxiao Steel's information disclosure over its Angola deal last month was not timely, inaccurate and incomplete. It also said several unidentified people involved in the case were suspected of committing crime.

The CSRC has provided relevant evidence to the police. Shanghai-listed Hangxiao Steel said in March that it had won a construction and engineering work worth 34 billion yuan in Angola.

The announcement helped to send Hangxiao shares soaring as much as six folds this year. The watchdog says the suspects have been barred from leaving the country.

 

Editor:Chen Ge