Huarui Electrical Appliance Gets Sanctioned for Inaccurate Disclosure
Huarui Electrical Appliance received regulatory orders from the China Securities Regulatory Commission after it was found to have inaccurately disclosed shareholding information in its IPO prospectus and periodic reports since 2017. The issue stems from a concealed proxy shareholding arrangement involving its former chair, Sun Ruiliang, who held millions of shares on behalf of another individual, according to a May 24 filing with the Shenzhen bourse. Both the home appliances maker and Sun were ordered to correct the issue and submit written reports within 30 days.
Huarui Electrical Appliance received regulatory orders from the China Securities Regulatory Commission after it was found to have inaccurately disclosed shareholding information in its IPO prospectus and periodic reports since 2017.
The issue stems from a concealed proxy shareholding arrangement involving its former chair, Sun Ruiliang, who held millions of shares on behalf of another individual, according to a May 24 filing with the Shenzhen bourse.
Both the home appliances maker and Sun were ordered to correct the issue and submit written reports within 30 days.
