Chinese regulator punishes illegal vaccine-maker with delisting warning

Source: Xinhua| 2018-12-11 21:33:03|Editor: Liangyu
Video PlayerClose

BEIJING, Dec. 11 (Xinhua) -- Chinese authorities have penalized Changchun Changsheng Life Sciences Limited and its executives over illegalities related to making defective human rabies vaccine.

Penalties include a delisting warning, fines, and lifetime market access bans for executives of the company.

Changchun Changsheng Life Sciences Limited said Tuesday in an announcement that it had received notice of its compulsory delisting from the Shenzhen Stock Exchange over its major violations of the law.

The bourse will continue to weigh its removal decision in accordance with related regulations, according to the announcement.

In another announcement on Tuesday, the vaccine-maker said Gao Junfang and three other executives have been given administrative penalties including a lifetime ban from the securities market by the China Securities Regulatory Commission (CSRC), the top industry watchdog.

They have also received warnings and fines of 300,000 yuan each (about 43,400 U.S. dollars). Another three executives were fined 200,000 yuan each and banned from the securities market for five years.

Ten others were warned and fined 50,000 yuan each.

The company was warned and fined 600,000 yuan by the CSRC.

Chinese authorities have imposed penalties totaling more than 9.1 billion yuan on the company in October.