Goodwill, a potential economic value which could bring a company extra profit, is crucial to every company. However, some companies have failed to establish favorable goodwill which has greatly reduced their public image.

Value Line, a magazine which publishes values and the values’ rankings of listed companies based on quantitative analysis and big data, has recently blacklisted 20 Chinese companies due to illegal information disclosure, financial fraud or their senior executives being accused.

Read on for details of the top 20 listed Chinese companies which lack goodwill.

# CITIC Securities 中信證券

CITIC Securities [File photo]

Stock code: 600030.SH

Illegal behavior: General Manager Cheng Boming and a few other middle and senior executives have been investigated for alleged insider trading and leaking inside information.