Zoneco: Scallop Outputs and Commission Csrc

zoneco: The story of a fall in scallop outputs has become a widespread joke among Chinese A-share investors since the once No.1 seafood company in China's stock market cited it as an explanation of substantial loss in 2014, according to Global Times China. Zoneco hit headlines again in April with similar stories after its first-quarter financial report showed a loss of 43.14 million yuan. Zhangzidao Group Co Zoneco which had repeatedly attributed its substantial losses to a dramatic drop in scallop outputs caused by natural disasters, said in an announcement issued on Wednesday that it had received a punitive note from the China Securities Regulatory Commission CSRC . Zoneco was fined 600,000 yuan 87,378 due to report misrepresentation, financial fraud and information disclosure delays, and Wu Hougang, chairman of Zoneco, was banned from the stock market for life, according to the punishment statement. The CSRC said in the announcement that its probe showed several Zoneco reports, such as the yearly reports for 2016 and 2017, continued misrepresentations. Wu, who was reported to have cashed out 407 million yuan worth of shares in the secondary market since 2011, said the involved personnel and the company will defend themselves, and that they are preparing the documents, according to media reports. The company failed to disclose the huge gap between its business performance and former expectations in a timely manner. (news.financializer.com). As reported in the news.