(Yicai Global) June 28 -- Shares of Chinese media outlet Southern Publishing and Media fell after the country’s securities regulator began investigating its subsidiary Guangdong Times Media Group on suspicion of disseminating false information.

After tumbling by as much as 7.9 percent in Shanghai earlier today, Southern Publishing [SHA: 601900] finished 4.1 percent down at CNY20.40 (USD2.82) a share.

Times Media received a case-filing notice from the China Securities Regulatory Commission on June 26, Southern Publishing said late yesterday, without disclosing details about the allegations. 

Formed in 2020, Times Media manages financial news outlets such as The Time Weekly and Time Finance app, and lifestyle magazine Neweekly. The Time Weekly had a revenue of CNY51.3 million (USD7.1 million) last year and a circulation of about 181,900.

The Guangdong-based unit will actively cooperate with the investigation, try its best to help the probe, and strengthen the management of financial news reporting to ensure truthful and objective content, the parent firm added.

Guangdong Publishing Group has a 62 percent stake in Southern Publishing.

Editor: Martin Kadiev