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🧵 A landmark civil court case in Chinese A share securities fraud just had a significant verdict ($385 million). The significance is not just in dollars.
Kangmei Pharm. (600518) accounting fraud 2016-1018, officially uncovered in 2019, unofficially by social media 2018. /1
Kangmei Pharm. (600518) accounting fraud 2016-1018, officially uncovered in 2019, unofficially by social media 2018. /1
It's first time, China Securities Investor Services Center (ISC) filed as plaintiff in representative of investors.
ISC, a non-profit financial institution and is under the direct administration of the China Securities Regulatory Commission (CSRC).
isc.com.cn/html/zxjs/
/2
ISC, a non-profit financial institution and is under the direct administration of the China Securities Regulatory Commission (CSRC).
isc.com.cn/html/zxjs/
/2
Notice the murky status of non-profits. Its website ends with .com.cn, which for English readers may thought as for-profit companies.
China skeptics are right to be skeptical as ISC directly administered by CSRC (China's SEC), a govt entity.
On the ground China is complex /3
China skeptics are right to be skeptical as ISC directly administered by CSRC (China's SEC), a govt entity.
On the ground China is complex /3
