Chinese state-controlled coal company Henan Dayou Energy Co revealed that it was currently under investigation by authorities over irregularities involving disclosures. In a statement given to the Shanghai Stock Exchange yesterday, Henan Dayou said the China Securities Regulatory Commission had initiated a probe regarding the company's suspected illegal disclosure of information. The coal firm, however, did not specify what disclosures were under scrutiny. News of the probe causes its stocks to plummet, Bloomberg reported.As of press time, no word about the investigations was given by the state regulator.

According to Bloomberg, the investigation came after Henan Dayou's statement issued on July 29. The firm said that its controlling shareholder Wu Yulu was placed under "shuanggui." A literal translation of "shuanggui" means to report at a specific place at a specific time. Bloomberg said this was the Communist Party's way of getting extra-judicial custody. Wu is also member of the board of directors of Henan Dayou and is the Chairman of Yima Coal Industry Group Co, Bloomberg said.