China-Biotics delays filIng

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By David Gaffen

NEW YORK, June 15 (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)

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