Court disqualifies Nuoqi CFO after chairman took 95% of IPO proceeds within months of listing
Fujian Nuoqi Co., Ltd. · Main Board-listed Mainland company
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
End-use tracing of funds
Tracing the IPO proceeds would show they left the company for no stated business purpose.
Can mislead when: Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent.
Third-party confirmation
Direct bank confirmation would contradict the annual report statement on deposits.
Can mislead when: Counterparties can collude or ignore requests. A non-response is logged as a gap, never as a pass.
Governance signals
Board records would show no approval for the withdrawals.
Can mislead when: Private companies file late, so these signals are lagging. Kubr uses them to support other flags, not to prove anything alone.
Where Kubr services would have helped
Borrower monitor
Offered in India- C6 Tracing the IPO proceeds would show they left the company for no stated business purpose.
- C11 Board records would show no approval for the withdrawals.
Verified Snapshot
Offered in India- C11 Board records would show no approval for the withdrawals.
Legal diligence support
Offered in India- C11 Board records would show no approval for the withdrawals.
Promoter profiles
Offered in India- C11 Board records would show no approval for the withdrawals.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.