China’s first jewelry stock, ST Diamond, was removed from China’s stock market Friday for failing to provide a company report for the second half of 2004, China Daily reports.
Insiders reporetdly say this is the first case in China that a company was forced off the market for this reason.
A private jewelry company in Northwest China’s Shaanxi Province, the Diamond Jewelry Company was listed on December 30, 1996, on Shanghai Stock Exchange.
The stock was once popular, the publication reports. Its highest price was more than 50 yuan ($6) per share.
But in 2004, the company was reportedly investigated by the local securities administration for its untrue statement in the company reports. After the company announced a loss of 1.5 billion yuan ($181 million), the share price fell below one yuan (12 cents) at the end of last year.