Company Denies Rumors of Regulatory Investigation After Share Price Slump

Deep News06-22

Following a significant decline in its share price over two consecutive trading sessions, Saiwu Technology issued an announcement on the evening of June 22nd to address market rumors.

The company stated it had noted the circulation of false information on online platforms claiming it was "under investigation." Saiwu Technology clarified that, as of now, it has not been subjected to any regulatory investigation concerning information disclosure violations.

Furthermore, the company confirmed it has not faced any administrative penalties from the China Securities Regulatory Commission nor any disciplinary actions from stock exchanges.

Saiwu Technology emphasized it reserves the right to take legal action against those responsible for spreading the unfounded rumors to protect the interests of the company and its shareholders.

In market trading, Saiwu Technology shares hit the daily downside limit on June 21st. The sell-off continued on June 22nd, with the stock closing down 8.69% at 13.03 yuan per share, bringing its total market capitalization to approximately 57.01 billion yuan.

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