China’s Lanzhou Zhuangyuan planning issuance of A share convertibles

By Sarah Lizee

Olympia, Wash., July 22 – Lanzhou Zhuangyuan Pasture Co., Ltd. said it received approval to issue A share convertible corporate bonds from a committee of the China Securities Regulatory Commission.

The company has also applied to the China Securities Regulatory Commission for cessation of auditing on the issuance of the A share convertibles.

Lanzhou Zhuangyuan said it had received notice from auditor Ruihua Certified Public Accountants that it has been investigated by the commission for its suspected violation of securities laws for Kangde Xin Composite Materials Corp. Ltd. The case hasn’t been settled yet.

The application by the company for cessation of auditing will not have material and adverse effect on the production and operation activities, Lanzhou Zhuangyuan said, and the company will continue to “promote the work relating to the public issuance of A share convertible corporate bonds.”

The convertible bonds were first proposed in January.

Lanzhou Zhuangyuan makes and sells dairy products and is based in Lanzhou, China.

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