Baofeng Group Co., Ltd. (Stock Code: 300431, Stock Abbreviation: Baofeng Group) hereby announces the following regarding the risk of suspension and termination of its stock listing. The company and all members of the board guarantee that the information disclosed is true, accurate, and complete, without false records, misleading statements, or significant omissions.
Special Reminder:
- As of now, the company has not appointed a Chief Financial Officer or an auditing agency, and is unable to disclose the 2019 annual report by June 30, 2020. According to Article 13.1.8 of the "Shenzhen Stock Exchange GEM Listing Rules" (November 2018), the company's stock will be suspended from trading starting July 1, 2020. The Shenzhen Stock Exchange will decide whether to suspend the company's stock listing within fifteen trading days after the suspension.
- According to relevant regulations, if a listed company fails to disclose its annual report within two months after the statutory disclosure deadline, the Shenzhen Stock Exchange may decide to suspend the company's stock listing. If the annual report is still not disclosed within one month after the suspension, the Shenzhen Stock Exchange has the right to terminate the company's stock trading. If the company's stock is terminated, it cannot be relisted on the GEM.
- The company is under investigation by the China Securities Regulatory Commission and does not meet the conditions for issuing shares to purchase assets. On September 16, 2019, the Shenzhen Stock Exchange publicly reprimanded the company and Mr. Feng Xin. According to relevant regulations, companies publicly reprimanded by the stock exchange within the last twelve months are prohibited from issuing securities. Due to the above circumstances, the company does not meet the regulations for restructuring and relisting.