JQW forced offline, share price plummets

(ShareCast News) - JQW has been forced to shut down their website, which has sent the stock plummeting.The AIM-listed e-commerce platform company, which focuses on connecting Chinese buyers with Chinese sellers, has been forced offline for a month for violating advertising regulations.In a letter dated 19 September, the company received a letter from China's Administration of Industry and Commerce (AIC), fining it RMB18,000 and forcing it to suspend operations for a month.The AIC received a complaint from the public that certain advertisements on the company's B2B website platform violated advertisement regulations.In a statement, JQW said : "The violations of advertising regulation (sic) arise from client websites that the Company hosts on its website.""The Company is reviewing its internal controls and procedures established to monitor client websites for potential breaches of online advertising regulation, and is working closely with the AIC in order to ensure that all client websites are fully compliant and that the suspension of operations can be lifted at the end of the one month period."The suspension of operations has seen JQW's stock price plummet.Closing on Friday at 9.92p, the value has been slashed nearly in half and sat at 5.90p at 1614 BST.JQW said a further announcement will be made in due course.