Visionox Accused
In what seems to be a battle between a controversial Chinese equity manager and a number of listed Chinese companies, Chinese panel producer Visionox (002387.CH) has received a request for clarification of information by the Chinese Securities Regulatory Commission. While the details of what these companies are being accused of is still a bit unclear, it seems that it has to do with whether the companies are ‘managing’ market value through JVs or other alignments with 3rd parties that have not been disclosed. The request from the CSRC asks the company to respond and do a ‘self-examination’ as to whether there is any information that should be disclosed that has not been disclosed, which is a rather odd request of a company that has been accused of non-disclosure.
That said, the accusations about market manipulation are just that and no hard and fast information has been given to the public about such manipulation, but the posting caused the stock to drop by about 6% in what was a rather weak market for display stocks in China. The requested ‘self-examination’ results are due for review by the CSRC today, and should be reviewed quickly, with the results, particularly a current list of shareholders to be made public after the review.
That said, the accusations about market manipulation are just that and no hard and fast information has been given to the public about such manipulation, but the posting caused the stock to drop by about 6% in what was a rather weak market for display stocks in China. The requested ‘self-examination’ results are due for review by the CSRC today, and should be reviewed quickly, with the results, particularly a current list of shareholders to be made public after the review.
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