Yongmaotai (605208.SH) announced that the company received China Securities Supervision on December 22, 2023...
According to Zhitong Finance App, Yongmaotai (605208.SH) issued an announcement. On December 22, 2023, the company received a decision on administrative supervision measures issued by the Shanghai Regulatory Bureau of the China Securities Regulatory Commission: “Decision on Issuing Warning Letter Measures against Shanghai Yongmaotai Automobile Technology Co., Ltd.” (Shanghai Securities Regulatory Decision [2023] No. 345) and “Decision on Issuing Warning Letter Measures against Xu Hong” (Shanghai Securities Regulatory Decision [2023] No. 346). The details are as follows:
After investigation, in June 2022, Yongmaotai had a problem where losses in major futures transactions were not disclosed in a timely manner, in violation of Article 3 (1), Article 22 (1), Section 2 (1), and Section 80 (2) (5) of the “Administrative Measures on Disclosure of Listed Companies” (Order No. 182), and Article 80 (2) (5) of the “Securities Law”. According to the provisions of Article 52 (3) of the “Administrative Measures on Information Disclosure of Listed Companies” (Order No. 182 of the Securities Regulatory Commission), the Shanghai Regulatory Bureau decided to take supervisory and administrative measures to issue warning letters against companies.
As the company's then-chairman, general manager, and acting board secretary, Xu Hong was responsible for the company's actions and violated section 4 of the “Administrative Measures on Information Disclosure of Listed Companies” (Securities Regulatory Commission Order No. 182). According to the provisions of Article 51 (1) and (2) and Article 52 (3) of the “Administrative Measures on Information Disclosure of Listed Companies” (Order No. 182 of the Securities Regulatory Commission), the Shanghai Regulatory Bureau decided to take supervisory and administrative measures to issue a warning letter against Xu Hong.