On the evening of November 5, Fuchun Shares disclosed an announcement stating that the company recently received a notice from its controlling shareholder, Fujian Fuchun Investment Co., Ltd. The actual controller, Miao Pinzhang, has been publicly prosecuted for suspected insider trading and is currently out on bail pending trial. The case is now awaiting the first-instance verdict from the Fuzhou Intermediate People's Court.
Previously, in October 2023, the controlling shareholder of Fuchun Shares, Fujian Fuchun Investment Co., Ltd., actual controller Miao Pinzhang, and other relevant parties received the "Administrative Penalty Decision" and "Market Ban Decision" issued by the CSRC due to suspected insider trading.
Fuchun Shares stated that Miao Pinzhang has not served as a director or senior management member of the company since October 16, 2023. The company has a sound governance structure and internal control mechanism, and daily operations are managed by the company's senior management team. As of now, the company's production and operations are normal, and all work is proceeding in an orderly manner.
The acts involved in Miao Pinzhang's earlier case occurred at the end of 2020, and he has completed the relevant obligations such as payment of fines during the administrative penalty phase. This matter is a normal judicial procedural advancement of Miao Pinzhang's earlier case entering the review and prosecution stage. Currently, it will not affect the exercise of his shareholder rights, nor will it have an impact on the company's control.
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