So sorry guys.
One of China’s largest listed drugmakers said it overstated cash holdings by $4.4 billion, sending its shares and bonds tumbling and heightening concerns about the quality of accounting in a country that has become a fast-growing part of global investment portfolios.
Kangmei Pharmaceutical Co., a producer of traditional Chinese medicines, said in a filing on Tuesday that an accounting “error” led to the overstatement of its 2017 cash position. The disclosure came about four months after Kangmei told investors it was being investigated by regulators. The stock, a constituent of MSCI Inc.’s global indexes, plunged by the 10 percent daily limit. Kangmei’s 2.4 billion yuan ($356 million) notes due 2022 fell as much as 14 yuan to 60 yuan.