On August 30, Chinese electric appliance producer Midea Group
announced that the China Securities Regulatory Commission (CSRC)
had vetoed its plan to raise funds via a non-public offering to a
holding company of prestigious investment bank Goldman Sachs.
The veto comes nine months after Midea submitted its plan to
CSRC for approval. A source attributed the rejection to the
fluctuation of Midea's share prices during that period.
The source also revealed that last year great controversies
arose from Chinese listed company’s fundraising practices and that
the CSRC took this into account in making this decision.
For more details, please read the full story in Chinese. (
http://www.china-cbn.com/s/n/000004/20070830/020000054312.shtml)
(China.org.cn August 30 2007)
