Date: 2013-07-31

Fujian Longxi Bearing Likely To Be Charged

Wanlida Group, the third-largest shareholder in Fujian Longxi Bearing (600592), cut its holdings in the company by 784,500 shares or 0.26 percent in the period from April 9 to April 12, reports China Securities Journal.In addition, Wanlida reduced its holdings in the same company by 3.564 million shares or 1.19 percent from December 16, 2009 to January 18, 2010.According to the report, Longxi Bearing is expected to be charged with charges of misrepresentation on the issue of a reduction in the shareholdings of its major shareholders. The China Securities Regulatory Commission (CSRC) had imposed a requirement that any reduction in holdings of restricted shares should be executed through block trading at the stock exchange in cases where shareholders sell more than one percent of the share capital in a one month period.

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