China

China

A-Power receives Nasdaq delisting threat

UNITED STATES: China-based A-Power Energy Systems has received a notice of noncompliance from the Nasdaq Stock Exchange.

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.

Nasdaq’s decision stems from the 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.

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 partnershipt to raise $260 million in debt financing in China for Spinning Star.

More details of the partnership, which was to have been hammered out in May 2011, were not released.


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