Criticism of Xinming China (2699) and its Chairman Chen Chengshou

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.

Organisations

Bank of Wenzhou Co., Ltd. 溫州銀行股份有限公司
Xinming China Holdings Limited 新明中國控股有限公司
Zhejiang Muzi Trading Company Limited 浙江木子貿易有限公司

People

Chen, Chengshou 陳承守

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