Summary by Moomoo AI
KAI MING MEDICAL-B (SHARE CODE: 2500) ISSUED A VOLUNTARY ANNOUNCEMENT ON 16 APRIL 2024 TO UPDATE THE SITUATION REGARDING UNAUTHORIZED LOANS AND COLLATERAL DEPOSITS. The Company reviewed previous announcements of February 25 and March 28 concerning unauthorized loans to Wuzhong of Jiangsu and unauthorized guarantees to Hangzhou Kuntai. Kai Ming Medical announced that its wholly-owned subsidiary Hangzhou Kaiyi's RMB 1 billion deposit to Hangzhou Kuntai had been liquidated by the bank and had withdrawn the amount, while receiving interest income of about RMB205 million. In addition, all fixed deposits that were previously pledged as collateral for the loan have also been de-collateralized. The Company is currently negotiating a repayment date for the remaining RMB 8000 million loan with relevant parties and will announce further information in due course. As of 23 November 2023, trading in Kai Ming Medical-B shares has been suspended and will continue to be suspended until compliance with the exchange's reauthorization guidelines. Company shareholders and potential investors are reminded to exercise caution when trading.