Hall of Shame

Changgang Dunxin (2229 HK)

Changgang Dunxin is principally engaged in the production and sale of paperboard, poker cards and related downstream paper and packaging products.

Changgang Dunxin announced that the company's joint provisional liquidator had visited the production plant of the company's subsidiary in China.

It is worth noting that the production plants of the Chinese subsidiaries are still in operation. On August 1, 2018, based on incomplete and unreliable books and records, the provisional liquidator was unable to determine the financial and operational status of the PRC subsidiaries.

The provisional liquidator has engaged an auditor to audit the PRC subsidiaries. However, on 1 August 2018, the auditors have suspended the audit of the PRC subsidiaries due to incomplete and unreliable books and records; and the management of the PRC subsidiaries on certain matters (including other payables, The documents provided in the income statement items and fixed assets are not satisfactory.

 A number of potential investors have approached the company, but on August 1, 2018, the company has not received any resumption proposals from investors or any other potential investors as stated in the April 18, 2018 announcement. In addition, the company's stock will continue to be suspended.

Zhitong Finance: Auditor has suspended review of Chinese subsidiaries, 01 Aug 2018

Changgang Dunxin: Annual Report, 23 Mar 2015