Business
16:20, 11-Dec-2018
China's scandal-hit vaccine maker forced to delist from Shenzhen Stock Exchange
Updated
16:02, 14-Dec-2018
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The Shenzhen Stock Exchange is set to delist China's vaccine maker Changchun Changsheng Life Sciences Limited over its illegal production of rabies vaccines for human use, according to a notification that the Shenzhen bourse issued to the company on Tuesday.
China's securities regulatory commission also decided to issue a warning and command a correction to Changchun Changsheng Life Sciences with a fine of about 600,000 yuan (about 86,916 U.S. dollars), and a lifetime ban from access to the market has been given to the head of the company, Gao Junfang, and three other managers.
Changsheng Life Sciences is China's second-largest rabies vaccine maker. In October 2017, a batch of DPT vaccine produced by the company was found to be defective. The production of the vaccine has been suspended since then.
VCG Photo
VCG Photo
“We will resolutely crack down on illegal and criminal acts that endanger the safety of peoples' lives, resolutely punish lawbreakers according to the law, and resolutely and severely criticize dereliction of duty in supervision,” Li stated.
An inspection has been launched into the company by police in Changchun, Jilin Province, over the suspicion that the company might have violated China's drug production quality management protocols by making substandard rabies vaccines for human use on July 23 this year.
In addition, the announcement on Tuesday noted that the company may, within 10 trading days after receiving the announcement, submit written statements and defenses to avoid being forced to delist, or it will be regarded as a waiver of the defense.