Jiangsu Sunshine Group put under government administration

Jiangsu Sunshine Group in China was called a rising star by the world wool textile industry. Starting in the early 1990s as a village backyard spinner, it became the number one wool textile operation in just 20 years! The Group is the largest vertically integrated wool mill from top making right through to branded garment retailing.

Since early this year rumours that Jiangsu Sunshine Group has been in difficulty with government regulators have been circulating.

www.woolnews.net has been told that the issues do not relate to poor management or production issues, but rather to owner, Mr Lu keeping manipulating stock market share information.

According to an official announcement, it has been alleged that Mr Lu has attempted to manipulate Sunshine stock market shares and has been accused of insider trading.  Mr Lu is now restricted from travel pending upcoming court cases.

As a result, Sunshine has ceased stock market trading and has been put under government appointed administration. It is understood that the Group will be taken over by an as yet undisclosed organisation and will remain in business, but mainly as a supplier of domestic army uniforms.