Bursa queried the company and the company replied.
Good that Bursa took some action and indeed through its questions highlighted relevant issues.
But I think this is not enough, the only correct action is to have an investigative audit on the operations of Xingquan, similar to what happened regarding the marketing issues of Maxwell.
Only that way we can get deep insights what really happened from an objective third party with experience in handling these kind of matters.
For more background on China based companies listed on Bursa, please read the following article at the website of The Edge:
China-based firms now going cheap, any takers?
One snippet:
"When Bursa started looking beyond the shores for potential IPO candidates, its move met with scepticism about attracting the rotten apples, instead, having seen the slew of corporate scandals in Singapore. Simply put, the scepticism seems to have proven that it is not that harsh after all."
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