(Yicai Global) Nov. 18 – Shanghai Stock Exchange has launched an investigation over the involvement of Zhuzhou Kibing Group Co., Ltd. [SHA:601636] in some staff appointments at CSG Holding Co., Ltd. [SHE:000012].
Kibing Group announced it is subject to an inquiry by Shanghai Stock Exchange. The inquiry focuses on several senior managers, including two independent directors of CSG Holding (A-share), resigning and reportedly joining Kibing, which may benefit it as a competitor of CSG Holding.
Shanghai Stock Exchange ordered Kibing Group to investigate the media reports on the issue, confirm the latest staff appointments and its possible impacts on its competitor and its projects. The Stock Exchange also asked Kibing to reveal any undisclosed information, if any, and submit its report to the Exchange by Nov. 19.