Shanghai bourse condemns Henan Bingxiong for inadequate disclosure

SHANGHAI (AFX-ASIA) - The Shanghai Stock Exchange has issued a public condemnation to Henan Bingxiong Fresh-Preservation Equipment Co Ltd for inadequate disclosure of its position in terms of earnings and finances.

	    In an announcement, the stock exchange said Henan Bingxiong failed to warn, within the specific time, that it expects to report a net loss for full-year 2000.

	    It said the company also failed to disclose that a ruling by the Meishan Intermediate Court on December 21 of last year ordered the company to repay debts of 11.15 mln yuan plus interest.

	    This ruling had an important impact on the company's operations.

	    The stock exchange also said the company's 2000 annual report revealed that the company reduced its undistributed profits by 55.46 mln yuan at the beginning of 2000, as a result of outstanding debts and unusual accounting settlements.

	    This indicated that the company's disclosures in previous years had been falsified, it said

	    Henan Bingxiong's A-shares last closed at 15.78 yuan.

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