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Chinese securities regulator toughens delisting criteria after vaccine scandal

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Chinese securities regulator toughens delisting criteria after vaccine scandal

Traded companies in China involved in illegal acts that threaten public health or national security will face compulsory delisting, according to new criteria released by the China Securities Regulatory Commission late July 27.

The criteria, which revise regulations made in 2014, follow a vaccine scandal involving Shenzhen-listed Changsheng Bio-Technology Co. Ltd., whose unit Changchun Changsheng Life Sciences Ltd. was recently ordered to stop production of rabies vaccine for human use.

A surprise inspection found that the company had fabricated production records and product inspection records, and arbitrarily changed process parameters and equipment during its production of freeze-dried human rabies vaccines.

Stock exchanges will be responsible for setting the specific details of delisting rules, the China Securities Regulatory Commission said. Listed companies involved in fraudulent issuance or illegal disclosure of important information could also be booted out of the stock markets.