Tongjing New Energy (08326.HK) announced that since April 25 this year, the group has subscribed for a number of batches of financial products issued by China Merchants Bank, involving a total investment of 12.5 million yuan.
The company means that at the time of entering into the transaction, it is considered that the nature of the wealth management product is similar to bank deposits and does not constitute a "transaction" under Chapter 19 of the GEM rules. The company subsequently consulted its legal adviser and understood that the above transactions constituted a notifiable transaction under Chapter 19 of the GEM listing rules.
The company acknowledges that due to relevant reasons, it has delayed complying with the above requirements of the GEM listing rules. The company understands that when a subscription obligation arises, it should issue an announcement as soon as possible in accordance with Rule 19.34 of the GEM listing rules.
In order to prevent the recurrence of similar incidents in the future, the company has taken a series of remedial actions.