'Secret' listed business
A matter of China High Precision Automation is in the spotlight after trading of its shares was suspended last week amid rumblings of "state secret" issues
China High Precision Automation Group, whose shares were suspended from trading over disclosure issues allegedly related to "state secrets", had humble beginnings as a maker of watch components.
The company, co-founded by chairman Wong Fun-chung in 1991 under the brand Wide Plus, started out making instruments for quartz watches, according to its listing prospectus.
Wong graduated from Tianjin University in 1978, specialising in high-precision timing instruments and has 20 years of experience in the horological industry.
Wong usually keeps a friendly, smiling countenance for most occasions. This occurred at the happy moment of the company's listing ceremony at the Hong Kong stock exchange in November 2009 as well as last week after the firm's shares were suspended from trading last Wednesday by the Securities and Futures Commission (SFC).
This was a rare move by the regulator, which can only exercise this option when it judges that investor interest is severely jeopardised.
Wong was in Hong Kong on Friday to host a shareholders meeting at a hotel in Wan Chai for a vote to change its auditor. He kept smiling even while he was surrounded by scores of reporters and photographers who chased him for a response on the SFC action. Wong never lost his temper, only saying "thank you" and that the company would be issuing an announcement.