Tianyun International Holdings suspends all positions and powers of Yang Ziyuan, Sun Xingyu, and Sun Lei

Zhitong
2024.03.27 15:09

Tianyun International Holdings suspends Yang Ziyuan, Sun Xingyu, and Sun Lei from their positions and powers, as the China Securities Regulatory Commission is investigating the company for unauthorized transfers and overstating the group's bank balance in financial statements. The board of directors has set up an investigation committee and suspended trading

On March 25, 2023, Tianyun International Holdings (06836) announced that it had received a letter from the Securities and Futures Commission, indicating that the Securities and Futures Commission had initiated an investigation into (1) the former subsidiary Tian Tong Food (Yichang) Co., Ltd.'s alleged unauthorized transfer of approximately RMB 34.4 million; and (2) the exaggeration of the Group's bank balances in the audited financial statements for the three fiscal years ended December 31, 2021, and the unaudited financial statements for the six months ended June 30, 2022 (collectively referred to as "the Matters").

As Mr. Yang Ziyuan (Chairman and Executive Director of the Company), Mr. Sun Xingyu (Executive Director of the Company), and Mr. Sun Lei (Group Chief Financial Officer) are involved in these matters, the letter from the Securities and Futures Commission requested the Company to suspend their duties within the Group.

Therefore, the Board of Directors has decided to suspend Mr. Yang Ziyuan (as Chairman and Executive Director), Mr. Sun Xingyu (as Executive Director), and Mr. Sun Lei (as senior management of the Company) from all duties and powers, effective from March 26, 2024, until further notice. The Board of Directors will take these matters and the concerns raised by the Securities and Futures Commission seriously and will cooperate with regulatory authorities in their investigations. As of the date of this announcement, the Company is not aware of any other directors or senior management of the Company being involved in these matters and believes that the suspension of duties will not have a significant impact on the Group's daily operations.

On March 26, 2023, the Board of Directors also decided to establish an Investigation Committee, initially composed of independent non-executive directors of the Company (namely Mr. Leung Chung Hong, Mr. Siu Shu Ming, and Professor Yip Hing Kin), with the aim of investigating these matters, reporting on them, and making recommendations to the Board of Directors on appropriate actions to be taken. The Investigation Committee may also engage other professional advisors to assist in the investigation.

At the Company's request, trading in the Company's shares on the Stock Exchange of Hong Kong will be suspended from 9:00 am on March 26, 2024, until further notice

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