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Tianhe Chemicals Group Ltd. (1619 HK)

Year: 2014

Tianhe Chemicals listed on the Hong Kong exchange in 2014, raising HK$5.8bn (US$750m). Short-seller Anonymous Analytics published a report on 2 September 2014 alleging fraud, prompting a 40% collapse in the share price. In March 2015, the company announced a delay in the publication of its FY14 financials as its auditor, Deloitte, required more time. As a result, its shares were suspended in line with stock exchange listing rules. In August 2015, the company disclosed that Deloitte had concerns regarding the validity of construction-in-progress, sales to Tianhe’s largest customer (CITIC International) and certain bank statements. The company failed to produce audited financials and its shares remained suspended until the listing was cancelled in June 2020.

Last updated August 2021

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