(Yicai Global) Dec. 27 -- Zhonghong Holding has become the first company traded on the Chinese mainland to be delisted for having a share price of less than CNY1 (15 US cents) for 20 straight business days.

Yesterday was the last day of the Beijing-based property developer's 30-trading day window to rally its share price [SHE:000979] above face value, but it closed at CNY0.21.

The shares ended trading below CNY1 for the first time on Aug. 15. They dropped under that level again on Sept. 13 and remained there until Oct. 18, prompting the bourse to begin the delisting process on Oct. 19 and suspend trading in the stock prior to a final decision 15 days later.

Founded in 2001, Zhonghong develops real estate and manages tourism properties. The Anhui arm of the China Securities Regulatory Commission investigated the company in August, alleging that it falsified records in its 2017 first quarter, interim and third quarter reports.

Editor: James Boynton