Announcement on Receiving the Administrative Supervision Measures Decision
The company and all members of the board guarantee that the content of the information disclosure is true, accurate, and complete, without false records, misleading statements, or significant omissions.
On January 31, 2024, Pan Hai Holdings Co., Ltd. (hereinafter referred to as "the Company" or "Pan Hai Holdings") received the "Decision on Administrative Supervision Measures Against Pan Hai Holdings Co., Ltd." [2024] No. 27 from the Beijing Regulatory Bureau of the China Securities Regulatory Commission (hereinafter referred to as "the Decision"). The main contents are announced as follows:
Main Content of the Decision
Upon investigation, the Company was found to have the following violations for failing to timely disclose relevant overdue debt situations:
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Everbright Xilong Loan
The Company's subsidiary in Wuhan had an agreement with Everbright Xilong Trust Co., Ltd. (hereinafter referred to as Everbright Xilong) to repay principal amounts of 10 million yuan by December 20, 2020, 10 million yuan by June 20, 2021, and 1.53 billion yuan by August 3, 2021. However, the subsidiary did not repay the amounts as agreed, and the Company failed to disclose this situation as required, involving a principal amount of 1.55 billion yuan, which was only mentioned in the "Major Litigation Announcement" on July 7, 2021. -
Shandong High-Speed Loan
The Wuhan subsidiary had an agreement with Shandong High-Speed Global Financing Leasing Co., Ltd. to repay principal amounts of 20 million yuan by April 30, 2020, and at least 1.545 billion yuan by August 20, 2020. The subsidiary did not repay the amounts as agreed, and the Company failed to disclose this situation, involving a principal amount of 1.745 billion yuan, which was only mentioned in the "Announcement on Receiving the Execution Notice and Execution Ruling" on April 3, 2021.