CNFC Overseas Fishery Co Ltd. – the listed arm of China’s longest-established state-owned fishery company – has informed investors that it’s being investigated by the China securities watchdog and faces the risk of being delisted from the Shenzhen Stock Exchange.
The note to investors sent over the weekend stated that the company is being investigated by the China Securities Regulatory Commission, which oversees the Shanghai and Shenzhen boards. While the statement doesn’t explain what the probe relates to, it does acknowledge the firm is obliged to inform investors of the risk of delisting.
CNFC is a major importer of tuna, saury and squid but has struggled in recent years to keep pace with private firms entering the seafood distribution business in China.
