Manipulating stock prices? Jiangsu Xiuqiang shares are suspected of manipulating stock prices

On July 16, the Shenzhen Stock Exchange issued a letter of concern, saying that recently, some media reported that on November 6, 2016, Zhang Xiaowei, then secretary of the board of directors of Jiangsu Xiuqiang Glass Technology Co., Ltd., signed a cooperation agreement with Wu Wei, the trader, to boost the stock price. Suspected of helping the company's former actual controller, then chairman and current general manager to reduce the company's shares at a high level. Shenzhen Stock Exchange requires Xiuqiang shares to verify whether the contents of the relevant agreements are true and whether there is any manipulation of stock prices. According to the

agreement, Zhang Xiaowei (Party A) will transfer 33.8383 million shares of the company to Wu Wei (Party B) through bulk trading, and Party B will ensure that the average reduction price is not less than 15.5 yuan/share, and the income exceeding the average price will be owned by Party B; In addition to the reduction at a high price, Party B shall pay an annualized interest of 12% to Party A based on the use time of 200 million yuan, and the investment account shall be guaranteed by Party B; after Party B pays the interest, all the income of the investment account shall be owned by Party B; the cooperation period is half a year, and within one year after the signing of the agreement, Party A shall give at least two subscription shares to Party B.

At the same time, the letter of concern also lists the information disclosure of Xiuqiang shares and the abnormal fluctuation of the company's share price during the period. On the evening of November 16, 2016, Xiuqiang Co., Ltd. disclosed the Prompt Announcement on the Proposed Reduction of Shares by Actual Controllers, intending to reduce a total of 33.8383 million shares of the Company through bulk trading. From November 15 to December 14, 2016, the share price of the Company fluctuated significantly. In the letter of concern,

Shenzhen Stock Exchange requests Xiuqiang shares to submit relevant explanatory materials to the GEM Company Management Department of Shenzhen Stock Exchange and disclose them to the public before July 21, 2023, and copy them to the Listed Company Supervision Office of Jiangsu Securities Regulatory Bureau.