Hong Kong-listed Real Gold Mining, an Inner Mongolian company, halted trading in its shares yesterday after the South China Morning Post reported that the miner had filed different accounts with the Hong Kong stock exchange and China's central government.
Real Gold announced a 543 million yuan (HK$650 million) net profit in 2009 to Hong Kong shareholders, against a 7.5 million yuan loss for the same year in a filing with the State Administration of Industry and Commerce, the Post reported yesterday.
Real Gold reported more than one billion yuan of sales to the stock exchange for 2009, while the companies' three operating subsidiaries reported a combined 3.45 million yuan of revenue to the State Administration of Industry and Commerce, according to the filings sourced by this newspaper.
The company made no official statement as to why share trading was halted.
The Post first contacted the company on May 16 seeking an explanation of the discrepancy in the filings by its three operating subsidiaries in 2009 - Chifeng Shirengou Mining, Chifeng Nantaizi Mining and Balinzuo Banner Guotao Trading Materials Company - and the consolidated accounts disclosed to Hong Kong Exchanges and Clearing for that year.
Filings to the state administration are audited by mainland accountants and accessible by mainland lawyers.