Major Chinese float glass producer Luoyang Glass has reportedly breached listing rules by failing to disclose loans to its parent and its group of companies over the past two years.
In a recent annou…
Major Chinese float glass producer Luoyang Glass has reportedly breached listing rules by failing to disclose loans to its parent and its group of companies over the past two years. In a recent announcement, Luoyang Glass said it provided advances, financial assistance and guarantees to its holding company, China Luoyang Float Glass Group, and to its subsidiaries amounting to 851.95 million yuan in the first half of 2000. The amount represents about 56.1% of the company“s unaudited net asset value. The company said it failed to publicly announce these transactions “due to an oversight”, though it previously made such disclosures in its annual reports. The stock exchange said it reserved the right to take action against the company.