Progress of major investment projects has not been disclosed

On the evening of December 30,Bairun sharesreleaseannouncementClaimed that the company received ChineseSecuritiesThe “Decision on the Measures for Issuing Warning Letters to Shanghai Bairun Investment Holding Group Co., Ltd.” (hereinafter referred to as the “decision letter”) issued by the Shanghai Supervision Bureau of the Supervision and Administration Commission.

The decision stated that the company did not temporarily disclose the progress of major investment projects. The company issued the Announcement and “About Wholly-owned SubsidiariesCompany investment“Announcement on Vodka and Whiskey Production and Construction Project”, it is planned to invest about 500 million yuan to build a vodka and whiskey factory in Linqiong Industrial Park, Qionglai City. On January 6, 2020, the company decided to invest an additional 200 million yuan in this project. This additional investment accounted for 10.41% of the audited net assets in 2018. The company did not disclose relevant progress.

The above behavior of the company violated Article 32 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 40). In accordance with the third item of Article 59 of the “Administrative Measures for Information Disclosure of Listed Companies,” the Shanghai Securities Regulatory Bureau has decided to take administrative supervision measures to issue warning letters to the company.

The company stated that the company’s board of directors, management and related personnel attach great importance to the issues raised in the “Decision Letter”. The company and related personnel will take this as a warning, carefully learn from experience and lessons, prevent such matters from recurring, and continuously improve the quality of the company’s information disclosure. . The regulatory measures will not affect the company’s normal production, operation and management activities. The company will strictly follow the provisions and requirements of relevant laws and regulations and earnestly perform its information disclosure obligations.

(Source: ChinaSecuritiesNewspaper·China Securities Network)

Article source: China Securities Journal·China Securities Network

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Original title: The progress of major investment projects has not been disclosed, Bairun shares received a warning letter from the Shanghai Securities Regulatory Bureau