China High Precision Automation Group Limited 中國高精密自動化集團有限公司

SFC directs suspension of Sound Global (0967)
Company announcement, 13-Apr-2016
This is very unusual and comes less than 3 months after the Stock Exchange allowed trading to resume. The last time the SFC suspended a stock was China High Precision Automation (0591) on 22-Aug-2012, which remains suspended for unknown reasons. The SFC should explain why, or require the company to do so.
SFC directs SEHK to suspend China High Precision (0591)
Company announcement, 22-Aug-2012
This is a very rare event, and comes after HKEx's Mark Dickens on 6-Aug publicly defended the decision to allow the stock to resume trading on 3-Aug, which itself broke with precedent of never commenting on individual cases. Given the high public interest in this case, where the company refused to share what it called "state secrets" with its auditor, the SFC should now explain why it has intervened.
HKEx defends 'secret' decision on China High Precision (0591)
HK Standard, 7-Aug-2012
This establishes a precedent - HKEx normally hides behind the "we never comment on individual cases" mantra. Mark Dickens, head of listing, is also quoted as saying that HKEx has spoken to the Shanghai and Shenzhen exchanges on the issue. That's interesting because the company is not listed there - so why are their views relevant to HK?
China High Precision: auditors disclaim opinion
Company announcement, 27-Oct-2011
KPMG say they "identified inconsistencies" between the group's accounting records and information "independently obtained". Company claims that providing supporting documentation to the auditors would be a violation of the PRC law on Guarding State Secrets. Our view: we doubt that this is a valid excuse, but if they can't share information with auditors then they shouldn't have listed in the first place.

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top