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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.
- 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