Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Kangmei Pharmaceutical Company    600518   CNE0000017M1

KANGMEI PHARMACEUTICAL COMPANY

(600518)
  Report  
End-of-day quote. End-of-day quote SHANGHAI STOCK EXCHANGE - 10/17
4.13 CNY   --.--%
05/21KANGMEI PHARMACEUTICAL : China's Kangmei Pharma sinks by daily limit as watchdog accuses it of fraud
RE
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Kangmei Pharmaceutical : China's Kangmei Pharma sinks by daily limit as watchdog accuses it of fraud

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/21/2019 | 03:09am EDT

SINGAPORE (Reuters) - Shares in Chinese drugmaker Kangmei Pharmaceutical Co, a constituent of MSCI's global indexes, fell by their daily limit of 5% on Tuesday after China's securities regulator accused it of faking reports and a risk alert was put on the stock.

Shanghai-listed Kangmei, which in April said an "accounting error" had led it to overstate cash in 2017 by 29.94 billion yuan ($4.3 billion), was given an alert tag by the stock exchange indicating it was at risk of being de-listed.

Kangmei's 5.33% exchange-traded bond due 2022 also fell to a low of 29.01 yuan on Tuesday, from a close of 32.25 yuan on Monday. Kangmei has 12 outstanding bonds worth a total of 17.65 billion yuan, according to Refinitiv data.

The China Securities Regulatory Commission (CSRC) said late on Friday it had uncovered "major falsehood" in Kangmei's financial reports disclosed between 2016 and 2018, including suspected violations of securities law.

The CSRC accused Kangmei of using fake bank bills to inflate deposit figures, falsifying reported revenue, and transferring funds into connected parties' accounts to trade its own stock.

Kangmei's shares have dropped 40% in the 12 trading days since it revealed the cash overstatement on April 30. 

Calls to Kangmei's investor relations department went unanswered.

Weak governance has long been a black mark against mainland Chinese companies and the Kangmei case has sparked calls for tougher oversight and stiffer punishments.

($1 = 6.9044 Chinese yuan renminbi)

(Reporting by Shu Zhang, additional Reporting by Andrew Galbraith; Editing by Stephen Coates)

Stocks mentioned in the article
ChangeLast1st jan.
KANGMEI PHARMACEUTICAL COMPANY 0.98% 4.13 End-of-day quote.-55.16%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.07% 7.0983 Delayed Quote.2.99%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on KANGMEI PHARMACEUTICAL COM
05/21KANGMEI PHARMACEUTICAL : China's Kangmei Pharma sinks by daily limit as watchdog..
RE
05/17Chinese firms' missing $6 billion tests regulators' resolve
RE
03/28As China pushes traditional medicine globally, illegal wildlife trade flouris..
RE
2013MARKET COMMENT : China Shares Fall 0.2%, But Narrow Earlier Losses
DJ
More news
Financials (CNY)
Sales 2019 -
EBIT 2019 -
Net income 2019 -
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
Capi. / Sales2019 -
Capi. / Sales2020 -
Capitalization 20 542 M
Chart KANGMEI PHARMACEUTICAL COMPANY
Duration : Period :
Kangmei Pharmaceutical Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends KANGMEI PHARMACEUTICAL COM
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
 
Mean consensus -
Number of Analysts
Average target price
Last Close Price 4,13  CNY
Spread / Highest target -
Spread / Average Target -
Spread / Lowest Target -
EPS Revisions
Managers
NameTitle
Xing Tian Ma Chairman & General Manager
Jia Qian Luo Chairman-Supervisory Board
Yi Qing Zhuang Chief Financial Officer & Head-Accounting
Dong Jin Xu Vice Chairman & Deputy General Manager
Han Yao Ma Director
Sector and Competitors
1st jan.Capitalization (M$)
KANGMEI PHARMACEUTICAL COMPANY-55.16%2 896
JOHNSON & JOHNSON2.94%356 736
ROCHE HOLDING AG17.38%245 163
MERCK AND COMPANY10.52%216 224
PFIZER-16.75%200 998
NOVARTIS16.30%198 756