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CSRC Penalizes Zhongneng Liangke for Illegal and Non-compliant Overseas Listing Filing
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According to Xinhua News Agency, the Heilongjiang Securities Regulatory Bureau of the China Securities Regulatory Commission (CSRC) issued prior notice of administrative penalties last Fri (24th) against Heilongjiang Zhongneng Liangke Agricultural Technology and its intermediary Guangdong Xinyu Law Firm, among other relevant parties, for illegal and non-compliant conduct in relation to overseas listing filings. This case marks the first enforcement action by the CSRC since the implementation of the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, involving a company that failed to fulfill the required overseas listing filing procedures and proceeded with an overseas listing without authorization. The notice stated that, for suspected violations of the relevant provisions under the Trial Measures, the Heilongjiang Securities Regulatory Bureau plans to impose a fine of RMB3 million on Zhongneng Liangke, and a fine of RMB1.5 million on Jiang Zhenjun, the person directly responsible for the filing. Guangdong Xinyu Law Firm is proposed to be fined RMB0.5 million, while lawyer Li Huabin, who provided the legal opinion, faces a fine of RMB0.2 million. The notice also revealed that on 21 December 2024, Zhong Guo Liang Tou Group Limited entrusted its domestic operating entity Zhongneng Liangke to submit to the CSRC the "Filing Report on the Proposed Indirect Listing on the Nasdaq Stock Exchange in the United States through a De-SPAC Merger Transaction." (ta/w) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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