China-Biotics, Inc. Elects to Voluntarily Delist From the NA China-Biotics, Inc. Elects to Voluntarily Delist From the NASDAQ Stock MarketSHANGHAI, June 29, 2011 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc. ("China-Biotics" or the "Company") (NASDAQ: CHBT), a leading developer, manufacturer, and distributor of probiotics products in China, today announces its intent to voluntarily delist the Company's common stock from the Nasdaq Global Stock Market ("Nasdaq"). The Board of Directors of the Company (the "Board") unanimously determined that maintaining the listing has imposed difficult burdens on the Company. These burdens have been compounded by the recent resignations of the Company's former auditor, BDO Limited, and the Company's Chief Financial Officer, Travis Cai, as reported by the Company in a Current Report on Form 8-K filed with the United States Securities and Exchange Commission (the "SEC") on June 23, 2011, and the resignation of Mr. Simon Yick, the former Chairman of the Audit Committee of the Board, as reported by the Company in a Current Report on Form 8-K filed with the SEC on June 28, 2011. On June 29, 2011, the Company provided written notice to Nasdaq of its intent to file a Notification of Removal from Listing on Form 25 ("Form 25") with the SEC on or around July 11, 2011. The Company expects the delisting from Nasdaq to become effective on July 21, 2011, ten days after filing Form 25 with the SEC. Upon delisting from Nasdaq, the Company expects that trading by stockholders of shares of the Company's common stock may be effected through quotations on the Pink OTC Market (a centralized quotation service that collects and publishes market maker quotes for securities). This will require at least one market maker to quote the Company's common stock on the Pink OTC Market after the market maker complies with the Pink OTC Market rules; there is no assurance that a market maker will comply with those rules. The Company has not arranged for its shares to be quoted on any securities exchange. Notwithstanding any of the foregoing, the Company will remain subject to the periodic reporting requirements of the Exchange Act. The Company previously reported its receipt from Nasdaq of a letter (the "Nasdaq Letter") stating that, because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2011, and based upon disclosures made by the Company in its recently filed Form 12b-25 and additional information provided to Nasdaq, the Company no longer complies with Nasdaq Listing Rules for continued listing. In addition, the Nasdaq Letter requested that the Company provide to Nasdaq a formal "plan of compliance" setting forth the steps that the Company proposes to take to regain compliance for continued listing of the Company's common stock on the Nasdaq, as well as certain other information relevant to Nasdaq's evaluation of the plan of compliance. In light of the Company's decision to seek voluntary delisting of its stock from Nasdaq, the Company has determined that it will not provide Nasdaq with such plan of compliance or other requested information. The Board has determined that the effort required to challenge Nasdaq's determination, and the uncertain outcome of any such challenge, as well as the uncertainty of when, if ever, the Company will be able to satisfy Nasdaq's concerns in light of the recent resignation of its auditor, support its decision to seek delisting of its common stock from Nasdaq in the best interests of the Company and its stockholders. The Company will comply with all applicable provisions of Delaware law, under which the Company is incorporated, as well as applicable provisions of the Nasdaq Marketplace Rules and the SEC rules applicable to the delisting process. โดย nitivate พฤหัสฯ. มิ.ย. 30, 2011 1:49 pm

China-Biotics Auditor Quits, Alleges 'Illegal Act (Updated from 5:18 p.m. EDT Thursday.) More on CHBT China-Biotics, Inc. Receives NASDAQ Delisting NotificationChina Reverse Mergers Continue Wild RideBigtime Investors Lose Big on China Market Activity China-biotics Inc.| CHBT Longtop Financial Technologies Limited| LFT China MediaExpress Holdings Inc.| CCME NEW YORK (TheStreet) -- The auditor of China-Biotics(CHBT) has resigned amid a series of explosive allegations, claiming that management had committed acts of forgery in an elaborate scheme to report fake financial results. China-Biotics, a Shanghai-based maker of probiotic yogurt cultures revealed the resignation in a disclosure filing with the Securities and Exchange Commission Thursday. According a resignation letter appended to the filing, BDO Limited, the Hong Kong affiliate of the global accounting firm, said the irregularities it uncovered "likely constitute illegal acts." The company's chief financial officer, Travis Cai, also resigned, China-Biotics said in the 8-K filing Thursday. Trading in the company's shares, which became listed in the United States through a reverse merger, have been halted since last week, when China-Biotics failed to file its 10-K annual report with the SEC before the deadline. Among other things, BDO said that its auditors, attempting to review online bank records, were directed by staff of China-Biotics to "access a suspected fake website" that supposedly belonged to the bank in question. BDO also noted irregularities involving interest income and the "chops" that were included on certain customer records. "Chops" in China are used as a kind of seal to verify document authenticity. The letter constituted one of the most detailed descriptions of purported financial fraud by a Chinese company since the scandal erupted in force earlier this year, with the outgoing audit firms of companies such as Longtop Financial(LFT) and China MediaExpress(CCME) making similar allegations of wrongdoing. โดย nitivate ศุกร์ มิ.ย. 24, 2011 11:51 am

Re: CHBT (Reuters) - China-Biotics Inc (CHBT.O) said on Wednesday it will not file its annual report on time due to "serious issues" raised by its auditors, making it the latest U.S.-listed Chinese company to disclose accounting issues. The Shanghai-based manufacturer and seller of probiotics products said it delayed the filing because its auditor, BDO Limited, told the company that it had "identified certain serious issues as part of its ongoing audit work and would need the company to take certain actions and provide additional information." The news comes on the heels of damaging reports alleging auditing problems at Sino-Forest Corp (TRE.TO) less than two weeks ago, resulting in heavy selling of Chinese shares. China-Biotics is one of more than 150 companies in the China region that first listed on U.S. exchanges through a controversial practice known as a reverse merger. The accounting practices at a number of these companies have been questioned, and the shares of some have been delisted by major exchanges. China-Biotics' accounting had originally been questioned last September by Citron Research, run by investor Andrew Left. He later put up a website urging the company's auditor to look more closely at the accounting. China-Biotics said in its filing with the Securities and Exchange Commission on Wednesday it did not know when it could provide all of the information raised by its auditor. It also said it was unable to determine whether earnings statements included in annual filing "will reflect any significant change in the company's results of operations from the corresponding period for the last fiscal year." Shares of the stock were halted shortly before the close of trading on Wednesday, down 8.5 percent to $3.46 a share. The shares have lost more than 80 percent of their value since hitting a 52-week high in January. The company is a developer, manufacturer and distributor of probiotics products in China. Probiotics are live micro-organisms that are believed to be good for their hosts, contained in items like yogurt. (Reporting by David Gaffen; Editing by Leslie Adler) โดย nitivate พฤหัสฯ. มิ.ย. 16, 2011 9:29 am