On February 22, the Shenzhen ** Stock Exchange issued a decision on giving Wang Chunshan a notice of criticism. Wang Chunshan is the counterparty and performance compensation obligor of Jiangsu Rainbow Heavy Industry Co., Ltd. *** hereinafter referred to as "Rainbow Co., Ltd.") issuing shares to purchase assets. According to the relevant decision, Wang Chunshan failed to fulfill his performance compensation commitment in a timely manner, and the Shenzhen Stock Exchange gave him the punishment of circulating criticism.
Screenshot of the announcement of the Shenzhen Stock Exchange
According to the relevant decision, after investigation, Wang Chunshan had the following violations:
In March 2020, Rainbow Co., Ltd. purchased Hubei CNPC Youyi Environmental Protection Technology *** hereinafter referred to as "CNPC Environmental Protection") from Wang Chunshan and 8 other counterparties by issuing shares36% equity interest, transaction** is 99,031640,000 yuan, and the relevant equity registration procedures were completed in March 2020, and this transaction does not constitute a major asset restructuring. Wang Chunshan promised that the adjusted audited net profit of CNPC from 2019 to 2023 (whichever is lower before and after deducting non-recurring gains and losses) will not be less than 130 million yuan, 50 million yuan, 160 million yuan, 190 million yuan and 218 million yuan respectively. As a result, CNPC Environmental Protection has achieved a total of 35,765 promised performance from 2019 to 2022160,000 yuan, the performance commitment was not realized, according to the commitment, Wang Chunshan should compensate the company in the form of shares of listed companies and cash. To date, Wang Chunshan has not paid cash compensation of 3,264670,000 yuan, failing to fulfill the performance compensation commitment in a timely manner in accordance with the publicly disclosed information.Wang Chunshan's above-mentioned conduct violated Article 1 of the **Listing Rules (2023 Revision) of the Shenzhen Stock ExchangeArticle 4, Article 77.Article 6.
In view of the facts and circumstances of the above breach, pursuant to Rule 13 of the Listing Rules (2023 Revision).2.Article 3 and Article 31 of the Self-Regulatory Guidelines for Listed Companies No. 12 - Implementation Standards for Disciplinary Sanctions, which were deliberated and approved by the Disciplinary Committee of the Shenzhen Stock Exchange, and the Shenzhen Stock Exchange made the following punishment decisions:
Wang Chunshan was given the punishment of circulating criticism. For Wang Chunshan's above-mentioned violations and the punishment given by the Shenzhen Stock Exchange, the Shenzhen Stock Exchange will record it in the integrity file of the listed company.
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