Summary by Moomoo AI
Wing Cheong Biopharmaceuticals (Yantai) Co., Ltd. (“Wing Cheong Biologics”) issued a notice on April 2, 2024 that the Company conducted a self-examination of the existence of sanctions or regulatory measures imposed by the Securities Regulatory Department and the Shanghai Stock Exchange in the last five years. The results showed that in the past five years, Rung Cheong Bio has not been penalized by the securities regulator. However, the company received a verbal warning from the Shanghai Stock Exchange on April 23, 2023, due to the company's failure to timely fulfill its disclosure obligations involving a government subsidy of $2900 million, which represented 10.5% of the company's most recent audited net profit. In this regard, Wing Cheong Biological and Current Board Secretary, Wen King-kai, expressed the importance and measures have been taken to strengthen internal controls and regulatory operations to ensure the timeliness and accuracy of information disclosure. The announcement highlights that the company has had no other regulatory measures in the last five years in addition to the aforementioned verbal warnings.