China Zhongwang resumes trading after rebutting short-selling allegations

China Zhongwang Holdings Limited, the world’s second largest industrial aluminium extrusion product developer and manufacturer, issued a clarification announcement and applied for resumption of trading today. The company provided solid evidence to rebut against the false allegations made in a short selling report dated 30 July 2015 to restore market confidence.

Mr. Lu Changqing, Executive Director and Vice President of China Zhongwang, said, “We reprimand the anonymous short seller who irresponsibly released such a malicious report based on fictitious information against the Group. We strongly reprimand such acts which cause damages to investors. The company will consider and take all the reasonable measures to protect investors’ interests, and reserve the right to take legal action against the short selling organization. China Zhongwang has strictly adhered to listing rule requirements ever since its listing."

"Full disclosures as to its business and financial position have been made in a timely manner. External independent auditors have issued unqualified audit opinions of the Group’s consolidated financial statements ever since listing. We have, in a bid to provide investors a clear picture of the situation, tried our very best to gather independent third party evidence to support the contents in our announcement, We would like to express our gratitude to each and every professional body for their assistance in the process of preparing the rebuttal announcement and gathering evidences. We would also like to highlight that China Zhongwang has consistently advocated business competition in a fair, disciplined and orderly manner, and believes that development with mutual benefits is the foundation for the steady growth of the industry,” said Changqing.

In the latest announcement, China Zhongwang laid out third party facts and evidence.