Tianyun International Holdings (06836) issued an announcement. On March 25, 2023, the company received securities and futures services...
Zhitong Financial App News, Tianyun International Holdings (06836) issued an announcement. On March 25, 2023, the company received a letter from the Securities and Futures Commission indicating that the Securities Regulatory Commission had investigated such matters and (1) Tiantong Food (Yichang) Co., Ltd., a former subsidiary of the company, claimed that it had not carried out an unauthorized transfer of approximately RMB 34.4 million; and (2) the Group's audited financial statements for the three fiscal years ended 31 December 2021 and its unaudited financial statements for the 6 months ended June 30, 2022 An exaggeration of the Group's bank balances (collectively, “such matters”) raised concerns.
Since Mr. Yang Ziyuan (Chairman and Executive Director of the Company), Mr. Sun Xingyu (Company Executive Director), and Mr. Sun Lei (Group Chief Financial Officer) were involved in such matters, the Securities Regulatory Commission's letter requested the company to suspend his position equivalent to the Group.
As a result, the board of directors has decided to suspend all positions and powers of Mr. Yang Ziyuan (as Chairman and Executive Director), Mr. Sun Xingyu (as Executive Director), and Mr. Sun Lei (as senior management of the company) with effect from March 26, 2024 until further notice. The Board of Directors will take these matters seriously and the concerns raised by the Securities Regulatory Commission and will cooperate with the supervisory authority's investigation. As of the date of this announcement, the Company was not aware of any other company directors or senior management involved in such matters, and believes that the suspension of duties will not have a significant impact on the Group's daily operations.
On March 26, 2023, the board of directors also decided to establish an investigation committee, initially composed of independent non-executive directors of the company (i.e. Mr. Leung Chung-hong, Mr. Siu Shu-ming and Professor Ye Xingqian) to investigate and report on such matters, and make recommendations to the board of directors on appropriate actions to be taken. The investigation committee may also appoint other professional advisers to assist it in carrying out the investigation
At the company's request, trading of the company's shares was suspended from 9:00 a.m. on March 26, 2024 until further notice.