Basic Information
Recently, Xuesong Development Co., Ltd. (hereinafter referred to as "the Company") learned that the Guangzhou Intermediate People's Court of Guangdong Province (hereinafter referred to as "Guangzhou Intermediate Court") has made a first-instance judgment against Mr. Zhang Jin, the actual controller of the Company, for fundraising fraud, illegal public deposit absorption, misappropriation of entrusted property, and obstruction of justice. The relevant situation is announced as follows:
Judgment Situation
The content of the first-instance judgment made by the Guangzhou Intermediate Court against Mr. Zhang Jin is as follows: Mr. Zhang is sentenced to life imprisonment for fundraising fraud, illegal public deposit absorption, and misappropriation of entrusted property, deprived of political rights for life, and all personal property is confiscated; the illegal gains of the defendants, including Mr. Zhang, will be recovered and handled according to law along with the case funds and items. The above judgment is a first-instance judgment and has not yet taken effect; the final judgment will be subject to the effective judgment document.