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Will China Hongxing’s shareholders find closure with Wu family’s offer?

In print this week

Will China Hongxing’s shareholders find closure with Wu family’s offer?

Chan Chao Peh Published on Fri, Sep 29, 2017 / 2:58 PM GMT+8

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SINGAPORE (Sept 29): China Hongxing’s troubles started back in 2009 with market talk that the company did not have as much in the bank as its books stated.

And just two months before the year-end audit was to begin, auditors RSM Nelson Wheeler and Foo Kon Tan Grant Thornton, called it quits.

Then, its new auditor, EY, discovered accounting irregularities. By February 2011, its shares had been suspended. At its last traded price of 11.5 cents, the company had a market value of only $322 million.