HK investors want suspension China Life

Angry investors in Hong Kong want a suspension of the trade of the recently listed daughter of China Life. Its mother company in mainland China has been accused by the National Audit Office of fraud and "shareholder activist" David Webb has asked for a suspension of the trade until the company has released more information, writes the Hong Kong Stardard today.
Shares have been coming down, wrote the Financial Times yesterday.
The irregularities showed up during a regular audit of its 2002 activities, China Life said. The listed China Life company, that went for an IPO in Hong Kong and New York last month, only came into existence in 2003. The IPO was oversubscribed 150 times, but the recent disclosures might dampen the eagerness for future listings of Chinese companies. China Life is accuses of having sold policies though illegal channels and attracted customers by promising excessive returns.
The total scam is supposed to be as large as 2.5 billion Rmb (US$ 300 million).