Thai VI

China-Biotics Provides Update

SHANGHAI, June 16, 2011 -- China-Biotics, Inc. (NASDAQ GS: CHBT - News) ("China-Biotics" or "the Company"), a leading developer, manufacturer, and distributor of probiotics products in China, today affirmed that NASDAQ halted trading in the Company’s common stock at approximately 3:35 PM EDT on Wednesday, July 15, 2011, shortly after the Company filed for an extension of time to file with the Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended March 31, 2011. NASDAQ has requested that the Company provide certain information and explanations relating to the Company’s delay in filing the Form 10-K. The Company is working to provide the information and explanations that have been requested by NASDAQ as promptly as practicable in an effort to satisfy NASDAQ’s concerns so that it may permit the resumption of trading of the Company’s common stock. Once such information and explanations are provided to NASDAQ, NASDAQ may request further information. The Company cannot predict when or if NASDAQ will be satisfied with the Company’s responses to this inquiry, or when or if NASDAQ will permit resumption of trading of the Company’s common stock.

http://www.chn-biotics.com/files/CHBT%2 ... Update.pdf

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(Updated from 5:18 p.m. EDT Thursday.)

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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.

RIP krub

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.

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