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China

Nasdaq supends A-Power listing

UNITED STATES: China-based A-Power Energy Systems has been suspended from the Nasdaq Stock Exchange.

In response A-Power said its common shares would become eligible for trading on the OTC Pink Limited Information tier of OTC Markets Group.

Nasdaq refused an A-Power request to appeal against the suspension.

Earlier this month, Nasdaq said it had halted trading in A-Power shares following the resignation of the company’s independent auditor MSCM LLP.

The auditor said A-Power had not retained an independent forensic accounting team as it required.

It comes as the troubled company is being investigated by the US Securities and Exchange Commission, which regulates listed companies. On 27 June, financial trading in A-Power’s stock was halted on the Nasdaq.

Unless A-Power requests a hearing by tomorrow it will be delisted from the exchange.

In June, A-Power announced that Shenyang Power Group Company, of which it owns 19.5%, had subcontracted part of the controversial planned 615MW Spinning Star wind farm in Texas to China Machinery Engineering Corp.  

A-Power said that both firms were to form a partnership to raise $260 million in debt financing in China for Spinning Star.

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