China Gaoxian resumes trading under new investors and management
Scandal-hit China Gaoxian Fibre Fabric Holdings on Wednesday got a fresh start under new investors and management, as its shares resumed trading after a suspension of two and a half years.
But shares in the China-based yarn and fabric maker closed at 8.6 cents, a slump of 10.4 cents or 54.7 per cent from its last traded price on March 21, 2011.
The company had plunged into an accounting scandal after its auditors, Ernst & Young, could neither verify the bank balances in the company's subsidiaries for the financial year ended Dec 31, 2010.
PwC was then appointed as special auditors by China Gaoxian's audit committee on April 20, 2011 to conduct a review into the financial affairs.