of November 15, Dongfang Risheng announced that due to the 520 million arbitration case, the company received the Decision on the Measures of Issuing Warning Letters to Dongfang Risheng New Energy Co., Ltd. (Decision on Administrative Supervision Measures [2023] 21) issued by Ningbo Regulatory Bureau of China Securities Regulatory Commission.
Source: Dongfang Risheng announced
in the judgment of Ningbo Securities Regulatory Bureau that on September 28, 2023, your company disclosed the Announcement on the Arbitration Award of the Company. The International Chamber of Commerce International Court of Arbitration (ICC International Court of Arbitration) recently issued an award. Your company shall pay US $71,675,191.80 to the S. A. Of FOCUS FUTURA HOLDING PARTICIPA PARTICIPAÇÕES, which is expected to reduce the net profit of the company by 385,524,729.77 yuan in 2023.
Your company received the notice of arbitration in July 2021, and did not disclose the arbitration matters for the first time until the award was received, and the relevant risk disclosure was insufficient .
The above matters violate the provisions of Article 3 of the Measures for the Administration of Information Disclosure of Listed Companies. According to the provisions of Article 52 of the Measures for the Administration of Information Disclosure of Listed Companies, our Bureau has decided to take administrative supervision measures to issue warning letters to your company.
The Company shall submit a rectification report to our Bureau within 30 days after receiving this Decision, take practical and effective measures, do a good job in information disclosure, pay attention to risk disclosure, and timely disclose major litigation and arbitration matters that may have a greater impact on the production and operation of the Company, the trading prices of the Company's shares and derivatives or investment decisions.
Earlier, on September 28, Dongfang Risheng announced that the two-year arbitration case was finally awarded, and Dongfang Risheng was awarded more than 520 million yuan in compensation. But the 520 million dispute has never been disclosed in the past two years.
On October 9, the Shenzhen Stock Exchange sent a letter of concern to Dongfang Risheng, requesting Dongfang Risheng to conduct self-examination and supplementary disclosure of the recently disclosed Announcement on the Company's Arbitration Award. On the evening of October
16, Dongfang Risheng made a detailed reply to the letter of concern from Shenzhen Stock Exchange. But eventually ushered in the "warning letter" from the SFC.
Event Review:
Dongfang Risheng: Sentenced to pay more than 520 million yuan in compensation!
over 500 million contract disputes emerge! Dongfang Risheng replied to Shenzhen Stock Exchange
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