Ming Yang Smart Energy Group Ltd Administrative Penalty to Former Supervisor

RNS Number : 0103U

Ming Yang Smart Energy Group Ltd

26 June 2024

 

MING YANG SMART ENERGY GROUP LIMITED

(GDR under the symbol: "MYSE")

(a joint stock company established under the laws of the People's Republic of China with limited liability)

Announcement on the Receipt of a Decision of Administrative Penalty by Company's Former Supervisor from the Guangdong Regulatory Bureau

Mr. Zheng Weili, the former supervisor of Ming Yang Smart Energy Group Limited (the "Company" or "MYSE") (who will no longer serve as a supervisor after completion of the election of the new session of the Board of Supervisors of the Company), recently received the Decision of Administrative Penalty (No. [2024] 29) from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission. The main contents are hereby disclosed as follows:

I. Main contents of the Decision of Administrative Penalty

In accordance with the relevant provisions of the Securities Law of the People's Republic of China (the "Securities Law"), the Guangdong Regulatory Bureau of the China Securities Regulatory Commission filed an investigation and trial into Zheng Weili's short-term trading of "MYSE" shares, and informed the party of the facts, reasons and basis for the administrative penalty and rights of the party in accordance with the law. The party did not make any statements or defenses, nor did he request a hearing. The investigation and trial of this case have now been completed.

After investigation, Zheng Weili has the following illegal facts:

Zheng Weili served as a supervisor of MYSE from 20 March 2020 to 25 September 2023.

From 1 July 2021 to 7 June 2023, there have been irregularities in the securities accounts of Zheng Weili's spouse, mother and children for sales of the "MYSE" shares within six months from the date of purchase of the same, and repurchase of the shares within six months from the date of selling the same. In particular, a total of 78,000 shares of "MYSE" were purchased for a total amount of RMB1,875,557, and a total of 73,500 shares were sold for a total amount of RMB1,838,447.

The above facts are sufficiently proven by evidence including securities account information, bank account information, MYSE's announcement documents, relevant party interrogation records and situation explanations.

Zheng Weili was a supervisor of MYSE at the time. The sales of the "MYSE" shares within six months from the date of purchase of the same, and repurchase of the shares within six months from the date of selling the same by his spouse, mother and children violated the provisions of Paragraphs 1 and 2 of Article 44 of the Securities Law, constituting an illegal act as described in Article 189 of the Securities Law.

Based on the facts, nature, circumstances and degree of harm to the society of the illegal behaviors, and in accordance with Article 189 of the Securities Law, the Guangdong Regulatory Bureau of the China Securities Regulatory Commission decides to：

Zheng Weili was given a warn and fined RMB100,000.

Within 15 days from the date of receipt of the Decision, the party shall remit the fine to the China Securities Regulatory Commission and pay it to the state treasury, and send a copy of the payment voucher with the party's name marked on it to the Guangdong Regulatory Bureau of the China Securities Regulatory Commission for record. If the party is not satisfied with the Decision on this penalty, they may apply for an administrative review to the China Securities Regulatory Commission within 60 days from the date of receipt of the Decision, or directly file an administrative litigation to the People's Court of competent jurisdiction within 6 months from the date of receipt of the Decision. The enforcement of the above Decision shall not be suspended during the period of review and litigation.

II. Relevant Explanations

1.    Mr. Zheng Weili ceased to be a supervisor of the Company upon the completion of the general election of the Company. Mr. Zheng Weili has paid the proceeds from this short-term trading to the Company in accordance with relevant laws and regulations.

2.    The aforesaid Decision on administrative penalty mainly involves Mr. Zheng Weili, the former supervisor of the Company. As at the date of this announcement, the Company and its current Directors, Supervisors and senior management are not involved in any case under investigation. The administrative penalty does not involve the current Directors, Supervisors and senior management of the Company and will not affect the normal production and operation of the Company, which is currently operating under normal conditions.

3.    The Company will take this as a lesson to further strengthen the training and publicity of all Directors, Supervisors, senior management, shareholders who hold more than 5% of the Company's shares and relevant staff on the Securities Law of the People's Republic of China, the Rules Governing the Listing of Stocks on Shanghai Stock Exchange, the Provisional Measures for the Administration of Shareholders of Listed Companies in Reducing Shareholdings, and other relevant laws, regulations and regulatory documents. At the same time, the Company has strengthened the supervision and management of the behaviors of their relatives to prevent the recurrence of such incidents.

Ming Yang Smart Energy Group Limited

26 June, 2024

 

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