Kangmei Pharmaceutical revealed last week that it had overstated cash holdings by $4.4 billion.
The firm has admitted a major error in reporting its 2017 cash position.A woman sorting medicine in the pharmacy of the Yueyang Hospital, part of the Shanghai University of Traditional Chinese Medicine, in Shanghai.Shares of a Chinese pharmaceutical firm, which admitted overstating cash holdings by $4.4 billion, have fallen by around 10% every day since the "error" was first revealed.
Company chairman and founder, Ma Xingtian, described the overstatement as an "accounting error" that had come about after rapid expansion had "led to loopholes in internal control and financial management." Kangmei, a producer of traditional Chinese medicines, is the latest example of firms in China that have suddenly revealed poor trading positions.
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