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)