Zitong Financial App News, China Metal Utilization (01636) announced that the listing Committee of the Stock Exchange criticized Yu Jianqiu, the company's executive director and chairman, and instructed Yu Jianqiu to attend three hours of training on the duties of directors, the Model Code and the Corporate Governance Code (Appendices 10 and 14 to the listing rules respectively).

It is reported that on March 31, 2020, Yu Jianqiu sold about 261 million shares (about 9.93%) of the company in an over-the-counter transaction through a company wholly owned by him.

The sale occurred during the period from January 30, 2020 to August 21, 2020, during which the company's results for the financial year ended December 31, 2019 (2019 results) were prohibited by directors.

Yu Jianqiu did not notify the designated director or the board of directors of the company before carrying out the sale, nor did he obtain the approval of the designated director.

Yu Jianqiu admitted his violations and accepted the following sanctions and instructions imposed on him by the listing Committee.