Zhitong Finance App News, Tiansheng New Materials (300169.SZ) announced that the company recently received the “Decision on Issuing Warning Letter Measures against Changzhou Tiansheng New Materials Group Co., Ltd. and Wu Haizhou” from the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission (Wu Haizhou is the company's chairman and general manager). The decision states:
On November 25, 2017, Tiansheng New Materials provided a guarantee for a personal loan of 30 million yuan for Shengyan (Shanghai) Investment Management Co., Ltd., controlled by Wu Haizhou, the actual controller at the time. The company failed to comply with the review procedures of the board of directors and shareholders' meetings, and did not make an interim announcement. On January 16, 2018, Tiansheng New Materials pledged 47 million yuan of fixed deposit to guarantee the financing of Jiangsu Sanlujiu Pension Service Co., Ltd. The company failed to comply with the board of directors review procedures and did not make an interim announcement.