Late at night! Chairman approved for arrest

Release time:Apr 16, 2024 21:22 PM

On the evening of September 15th, Dongfang Fashion announced that it had received a notice from the family of Xu Xiong, the actual controller and chairman of the company. Xu Xiong was arrested on suspicion of manipulating the securities market and was approved by the First Branch of the Shanghai People's Procuratorate.

Previously, a reporter from China Securities News interviewed Wang Hongyu, the Secretary of the Board of Directors of Oriental Fashion, regarding rumors of the Chairman's loss of contact. Her response stated, "The Chairman has not been lost and is currently recovering from illness."

Dongfang Fashion stated in the announcement that the company has made appropriate arrangements for relevant matters, and currently its production and operation are not affected, with all work carried out in an orderly manner. The board of directors and management of the company will strengthen business management to ensure the normal operation of the company's business activities. The company will continue to monitor the progress of the above-mentioned matters and strictly comply with the requirements of relevant laws and regulations to timely fulfill its information disclosure obligations.

On the same day, Dongfang Fashion announced that the company received a notification letter from its controlling shareholder Dongfang Fashion Investment Co., Ltd. On September 6th, the investment company announced that it would repurchase the 3.4 million shares previously reduced by September 15th. As of September 15th, the investment company has repurchased 3.4 million shares through self raised funds through centralized bidding in the secondary market. All profits generated from the repurchase of shares belong to the listed company.

Dongfang Fashion announced on the evening of September 6th that it has received a decision from the Beijing Securities Regulatory Bureau to order corrective measures against Dongfang Fashion Investment. According to the announcement, on August 28th, Dongfang Fashion Investment reduced its holdings of 3.4 million shares of Dongfang Fashion through bulk trading, in violation of Article 6 of the Several Provisions on the Reduction of Shares by Shareholders, Directors, Supervisors, and Senior Management of Listed Companies.

According to the relevant provisions of Article 14 of the Several Provisions on the Reduction of Shares by Shareholders, Directors, Supervisors, and Senior Management of Listed Companies, the Beijing Securities Regulatory Bureau has decided to take regulatory measures against Dongfang Fashion Investment to order correction. Oriental Fashion Investment should carefully learn from its lessons, strengthen the study of securities laws and regulations, effectively regulate the reduction of shares in listed companies, fulfill relevant information disclosure obligations in accordance with the law and regulations, and prevent such behavior from happening again.

In addition, on the evening of September 5th, Dongfang Fashion also disclosed the decision of the Shanghai Stock Exchange to issue regulatory warnings to Dongfang Fashion's investments. After investigation, it was found that Dongfang Fashion Investment reduced its holdings of 3.4 million shares of the company through bulk trading on August 28th, accounting for 0.47% of the total share capital of the company, in violation of the relevant requirements of the China Securities Regulatory Commission on further regulating the reduction of shares. On August 25th, the closing price of the company was 6.96 yuan per share, and it was estimated that there was a stock price breakout.

On August 27th, the China Securities Regulatory Commission (CSRC) issued a clear requirement on its official website to further regulate the reduction of shares. If a company experiences a stock price breach, its controlling shareholders and actual controllers are not allowed to reduce their shares in the secondary market. On the same day, the Shanghai Stock Exchange informed Oriental Fashion Investment of the above requirements through the company. The next day, Oriental Fashion Investment continued to reduce its stake in the company through bulk trading, even though it was clearly aware of the relevant requirements.

As of August 25th, Dongfang Fashion Investment and its concerted action person Xu Xiong jointly hold approximately 199.63 million shares of the listed company, accounting for 27.7% of the total share capital of the company, all of which were acquired before the IPO. Among them, Oriental Fashion Investment holds 149.9057 million shares of the company, accounting for 20.8% of the total share capital.

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