Taihua New Materials (603055.SH) issued an announcement. The company received the Zhejiang Securities Regulatory Bureau on November 29, 2023...
According to the Zhitong Finance App, Taihua New Materials (603055.SH) issued an announcement. The company received the “Decision on Measures to Issue Warning Letters to Zhejiang Taihua New Materials Co., Ltd. and Related Personnel” (Administrative Supervision Measures Decision [2023] No. 193) issued by the Zhejiang Securities Regulatory Bureau on November 29, 2023.
On August 22, 2023, the company disclosed the “Prompt Notice on Exchange Losses Caused by Forward Foreign Exchange Transactions”, which is called locking equipment procurement costs. The company purchased 3,023 billion yen on December 5, 2022, and the forward-locked foreign exchange purchases of 3.196 billion yen on February 7, 2023, respectively. The company did not complete the board review procedures and information disclosure obligations on this matter until August 22, 2023.
The above actions of the company violated the provisions of sections 3 and 22 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 182), and Chairman Shi Qingdao, General Manager Shen Weifeng, and Dong Mei Chenglian violated the provisions of Articles 4 and 51 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 182), and bear the main responsibility for the corresponding irregularities. According to section 52 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 182), the Zhejiang Securities Regulatory Bureau decided to take administrative supervision measures for the company, Shi Qingdao, Shen Weifeng, and Luan Chenglian by issuing separate warning letters, and record them in the securities and futures market integrity file.