• December 15 15:07
    Company Fined for Fabricating Contract and Revenue of Fake Pakistan Project

    China’s securities regulator slapped a 600,000 yuan ($90,000) fine on Shenzhen-listed Jiangsu Yabaite Technology Co. for fabricating an overseas contract and inflating business revenue.

    The China Securities Regulatory Commission on Friday said Yabaite engaged in fraud in its information disclosure. The company inflated its revenue by 580 million yuan and its profits by 260 million yuan in its 2015 and 2016 financial results by making up an infrastructure project in Pakistan and other non-existent trade deals, the commission said.

    The fake project and deals expanded Yabaite’s 2015 annual profit by 73% and its profit by 20% between January and September this year, the CSRC said.

    Yabaite Chairman Lu Yong was fined for 300,000 yuan and banned from the stock market for life.

    Yabaite’s share price dropped 2.3% in Shenzhen on Friday.

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