Brief: Shanghai Dongzheng Automotive Finance Says CBIRC Says Dealer Auto Loan Business In Violation Of Prudent Operation

Shanghai Dongzheng Automotive Finance Co

07/12/2020 02:09

Dec 7 (Reuters) - Shanghai Dongzheng Automotive Finance Co
Ltd  2718.HK :
    * CBIRC INFORMED DEALER AUTO LOAN BUSINESS OF CO CARRIED OUT
IN
VIOLATION OF PRINCIPLE OF PRUDENT OPERATION
    * CBIRC SAID CONTROLLING SHAREHOLDER GOT APPROVAL FOR
SHANGHAI
DONGZHENG AUTOMOTIVE FINANCE BY IMPROPER MEANS
    * NOT AWARE OF/INVOLVED IN ANY ACTION AS REFERRED IN
DECISIONS FOR
APPROVAL OF CO ESTABLISHMENT BY IMPROPER MEANS
    * CBIRC SAID CHINA ZHENGTONG AND RELATED PARTIES ENGAGED IN
NON-COMPLIANT RELATED PARTY TRANSACTIONS WITH CO
    * APPLICATION MADE TO STOCK EXCHANGE FOR RESUMPTION OF
TRADING IN
H SHARES OF CO FROM 9 AM, DEC 7
    * CBIRC SHANGHAI OFFICE ORDERED CO TO SUSPEND OPERATIONS OF
DEALER
AUTO LOAN BUSINESS, IMPOSED FINE OF RMB2 MILLION
    * CBIRC SHANGHAI OFFICE ISSUED A WARNING TO CO'S PRESIDENT
    * ACCORDING TO DECISIONS, CO TO RESTRICT RELEVANT
SHAREHOLDER
RIGHTS, INCLUDING RIGHTS TO DIVIDEND

Source text for Eikon:  ID:nHKS9qd0TK 
Further company coverage:  2718.HK 

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