China’s ‘home appliance queen’ Dong Mingzhu breached information disclosure rules, CSRC says
- Gree chairwoman Dong Mingzhu was found to be in breach of disclosure rules after she gave out sales and earnings information at a special shareholders’ meeting on January 16
Gree Electric Appliances chairwoman Dong Mingzhu, known as the mainland’s “home appliances queen”, has been warned by the securities regulator for information disclosure violations.
“You should draw lessons from the mistake and make studies on securities laws and rules to comply with information disclosure requirements,” the statement said. “We hope such violation will not happen again in future.”
Dong announced Gree’s preliminary sales and earnings figures for 2018 at the shareholders’ meeting, hours before the company filed a statement to the Shenzhen Stock Exchange that contained the same information.
Mainland securities rules stipulate that listed companies must not disclose important information before making a public announcement in the designated media.
Dong, 64, the mainland’s most prominent female entrepreneur, was re-elected chairwoman of Gree at the meeting after months of speculation about her new role.
In China, the retirement age is set at 60, but staff above that age can continue to work if they are allowed to by their employers.