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China’s leading drugmaker confirmed accounting fraud

One of China’s leading drugmakers has asked the Shanghai stock exchange to suspend trading of its shares from Monday after securities regulators confirmed the company faked its financial statements between 2016 and 2018.

The Shanghai-listed Kangmei Pharmaceutical Co. Ltd was found to have used fake bank deposit slips to inflate its cash holding, forged documents for non-existent business activities and transferred its funds to affiliates to trade its own stocks, said the China Securities Regulatory Commission (CSRC) in a statement on Friday.

Kangmei on Saturday confirmed that it moved 8.88 billion yuan through its affiliated companies . . .

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