Xinming China Holdings Limited 新明中國控股有限公司

Criticism of Xinming China (2699) and its Chairman Chen Chengshou
SEHK, 8-Jan-2021
Without telling his board of directors, or announcing it, or getting shareholders' approval, he pledged RMB535.4m of the group's deposits at Bank of Wenzhou (of which he is a director) to secure a loan by that bank to a third party, Zhejiang Muji Trading Co Ltd, just before the 2018 year-end. The pledge was released a few days later after the guarantee fee was not paid.
Xinming China (2699): breach of Listing Rules - further info
Company announcement, 15-Apr-2019
It now emerges that the pledge of bank deposits was arranged by the Chairman Chen Chengshou, who did not report it to the board of directors. The pledges were terminated after a few days when the guarantee fee was not paid.
Xinming China (2699): breach of Listing Rules
Company announcement, 22-Mar-2019
The company failed to disclose a RMB537m pledge of bank deposits to support borrowings by a third party from Bank of Wenzhou. We note that Chen Chengshou, the Chairman of Xinming China, is also a director of "Wenzhou Bank", presumably the same bank.

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