Announcement on Implementation of Compensation Fund Confirmation and Payment
Securities Code: 300372
Abbreviation: Xintai Electric
Announcement No.: 2017-043
Dandong Xintai Electric Co., Ltd. hereby transfers the implementation announcement regarding the compensation fund confirmation and payment by the Fraudulent Issuance Compensation Working Group of the China Securities Investor Protection Fund Co., Ltd. The company and all members of the board guarantee that the content of this information disclosure is true, accurate, and complete, without false records, misleading statements, or significant omissions.
Important Reminders:
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On July 7, 2016, the company received the China Securities Regulatory Commission's "Administrative Penalty Decision" ([2016] No. 84) and "Market Ban Decision" ([2016] No. 5). The company was penalized for fraudulent issuance or significant information disclosure violations as per Article 13.1.1 of the "Shenzhen Stock Exchange GEM Listing Rules (2014 Revision)." Consequently, the Shenzhen Stock Exchange decided to suspend the company's stock listing starting September 6, 2016. According to Article 13.4.11 of the listing rules, if the stock is suspended and a guilty verdict is reached within twelve months of the administrative penalty decision, the Shenzhen Stock Exchange will decide whether to terminate the listing within fifteen trading days before the expiration of the twelve-month period. Investors are advised to be cautious of investment risks.
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The company is currently facing operational difficulties and financial constraints, making it challenging to fulfill its commitment regarding stock repurchase as stated in the "Initial Public Offering and Listing Prospectus." Investors are advised to be cautious of investment risks.
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The net asset value per share disclosed by the company reflects the financial statements and may not represent the actual amount investors can obtain in the future. Investors are advised to distinguish and invest cautiously.
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During the stock suspension period, the company will disclose the progress of work and risk warnings regarding the potential termination of listing once every five trading days. Investors are advised to be cautious of investment risks.
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The main ways for investors to consult include:
- Investor interaction platform website: http://irm.p5w.net
- Consultation phone: 0415-4139135
On June 16, 2017, the China Securities Investor Protection Fund Co., Ltd. disclosed the "Implementation Announcement on Compensation Fund Confirmation and Payment by the Fraudulent Issuance Compensation Working Group of Xintai Electric," the full text of which is as follows:
Important Notice:
- As the manager of the Xintai Electric Fraudulent Issuance Compensation Fund (hereinafter referred to as the "Special Fund"), the China Securities Investor Protection Fund Co., Ltd. (hereinafter referred to as "the Fund Management Company") published the "Manager Announcement" on June 9, 2017, on its official website (http://www.sipf.com.cn) in the "Xintai Electric Fraudulent Issuance Compensation Fund" section (hereinafter referred to as "Special Fund Section"). The announcement was also published on June 10, 2017, in various media outlets including "China Securities Journal," "Shanghai Securities Journal," "Securities Times," and "Securities Daily," detailing the basic situation of the Special Fund and the basic process for disbursing compensation funds, and established a compensation working group (hereinafter referred to as "Compensation Working Group") to handle the daily affairs of the Special Fund. To facilitate eligible investors in obtaining compensation funds, this announcement provides detailed processes for compensation information inquiry, eligible investor declaration, and fund disbursement arrangements.