Trading suspension goes unexplained

Updated: 2015-01-07 08:08

(China Daily)

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Trading suspension goes unexplained

Lou Zhongfu, founder of the Guangsha Group and honorary chairman of the board, speaks at a meetings in Hangzhou, Zhejiang province on January 17, 2012. [Photo/IC]

Trading in China's first listed construction company, Zhejiang Guangsha Co, was suspended on Monday morning, the first day of trading of 2015, before the stock market opened.

Lou Zhongfu, founder of the Guangsha Group and honorary chairman of the board was reported to have been taken away by staff of the Central Discipline Inspection Commission on Dec 27. has reported that Lou has a business relationship with Gu Liping, wife of senior Party official and national political adviser, Ling Jihua, who came under investigation for alleged disciplinary violations in December.

The Shanghai Stock Exchange said Zhejiang Guangsha applied to suspend trading on Monday for the inspection of related matters.

"There's no confirmed information to be announced to the public yet," staff from the company board secretary's office told National Business Daily, but the staff confirmed that the emergency suspension was related to Lou.

Lou had told that the company he co-established with Gu was to support youth startup entrepreneurship. He said that he only provided the capital for Gu's foundation and was never involved in its specific business.

Guangsha Group said in its announcement on Monday that Lou has not served in any official position at the listed company and that the case won't have a huge influence on the company's daily operations. Lou Ming, the eldest son of Lou Zhongfu and chairman of the board of Guangsha Group, was unavailable for comment.

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