BEST MART 360: Executive Director and Group CEO Xu Zhiqun was arrested by the Independent Commission Against Corruption (ICAC) and trading will resume on August 19th
On August 15, 2024, Xu Zhiqun, the executive director and group CEO of BEST MART 360, was arrested by the Independent Commission Against Corruption (ICAC) for an investigation related to the Prevention of Bribery Ordinance. The board of directors stated that this incident is unrelated to the group, has no significant negative impact, and the group's business operations are normal. Share trading will resume on August 19, 2024, and further announcements will be made at the appropriate time
According to the announcement released by BEST MART 360 (02360) on the Zhitong Finance and Economics APP, Mr. Xu Zhiqun, the executive director and group CEO, notified the company on August 16, 2024, that he was arrested by the Independent Commission Against Corruption (ICAC) on August 15, 2024, for investigation related to alleged offenses under the Prevention of Bribery Ordinance (Chapter 201 of the Laws of Hong Kong), including bribery. Mr. Xu has not been charged at this time.
Based on the information available to the board of directors, the board believes that the incident is unrelated to the group, and the arrest has not had a significant adverse impact on the group. The business and operations of the group remain normal. Apart from the disclosed information above, the board is not aware of any other undisclosed insider information. The company will make further announcements in accordance with the listing rules at the appropriate time.
Furthermore, the company has applied to resume trading of its shares from 9:00 am on August 19, 2024
