Newsletter summary
Xia Haijun plans to be publicly determined to be unsuitable for life as a senior executive of a bond issuer for violating the regulations of the Shenzhen Stock Exchange, and was publicly censured.
Text of news flash
[Shenzhen Stock Exchange announced on May 13 that Xia Haijun, the controlling shareholder of Evergrande Real Estate Group Co., Ltd., a director of China Evergrande Group, is suspected of violating relevant regulations and intends to publicly determine that he is unfit to serve as a director, supervisor, senior manager and public censure of a bond issuer for life. It has been found out that Xia Haijun was suspected of violating No. 1 of the Corporate Bond listing rules (revised in 2018) issued by the Shenzhen Stock Exchange during his tenure as a director of China Evergrande Group.Spaceinvadersatari.5 and 1.6. At present, the contact between the Shenzhen Stock Exchange and Xia Haijun has not been established, so it is informed of the proposed disciplinary action in the form of an announcement. Xia Haijun is required to receive the advance notice of Disciplinary Action at the Shenzhen Stock Exchange within 10 days from the date of the announcement. Failure to collect within the time limit will be deemed to be served, and the Shenzhen Stock Exchange will make a formal decision on punishment in accordance with the relevant provisions. The release of the prior notice of disciplinary action is of great significance to market supervision and corporate governance.SpaceinvadersatariHis listed company serves as a warning. At the same time, it also reflects the Shenzhen Stock Exchange's strict management of market discipline and a severe crackdown on violations. Xia Haijun, as an important figure of Evergrande Group, this incident will have a significant impact on Evergrande Group's stock and bond markets. Investors need to pay close attention to the relevant follow-up developments and make prudent investment strategies. The action of the Shenzhen Stock Exchange once again emphasizes the market's requirements for compliance of listed companies. Any violation of the regulations will be dealt with seriously by the regulatory authorities. It is also a warning to market participants that they must strictly abide by market rules and ensure the fairness, impartiality and transparency of the market. At present, Evergrande Group has not made a public response to the incident. Investors need to pay close attention to the relevant developments of Evergrande Group in order to make more informed investment decisions.