BEIJING — China’s top securities watchdog has begun an investigation into breaches of information disclosure rules by major vaccine-maker Changsheng Life Sciences Limited.

According to an announcement released on July 23 by the company, it has received a notice from the China Securities Regulatory Commission over its suspected malpractice.

The Shenzhen-listed company risks being subject to delisting risk warning, trading suspension or delisting if regulators confirm any substantial illegal act or the investigation is transferred to the public security department, according to the announcement.

The Shenzhen Stock Exchange said on July 20 it has taken regulatory measures against the company.

The vaccine-maker said in a response to the bourse that it did not withhold information nor defer disclosure of the rabies vaccine incident.

China’s drug regulator said on July 22 that it has ordered the firm to stop production and launched an investigation into the company over illegal production of rabies vaccines for human use.

An official with China Food and Drug Administration said it found that the company had fabricated production records and product inspection records, arbitrarily changed process parameters and equipment during its production of freeze-dried human rabies vaccines.