CHINA: Zhengzhou Baiwen's Recovery Plan Under Fire
Troubled mainland retailer Zhengzhou Baiwen could become the first Chinese company to lose its stock exchange listing, as criticism by state media over a rescue proposal intensifies the South China Morning Post reported today. On Tuesday, the official Xinhua news agency published an article pointing to several apparent irregularities in the restructuring plan, announced in December. Xinhua also said the restructuring bid was not "up to standard". The report was widely carried by other state media such as the People's Daily, China Securities newspaper and Shanghai Securities newspaper yesterday.
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