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Published on 2019-02-11 09:39:28 Share it web version
                                    Liu Weiwei: Why is the supervision warning letter only given to Dong Mingzhu instead of Fang Hongbo?
Source: China Economic Net

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On January 31, 2019, the Guangdong Securities Regulatory Bureau issued [2019] No. 6 "Decision on the Adoption of Warning Letters for Dong Mingzhu", which stated: "Dong Mingzhu: After investigation, you as Zhuhai Gree Electric Co., Ltd. (hereinafter referred to as Chairman of Gree Electric Appliances Co., Ltd., at the first extraordinary shareholders meeting of Gree Electric Appliances held in the afternoon of January 16, 2019, released the relevant performance information of Gree Electric's 2018 operating income and net profit, and Gree Electric, at the shareholders' meeting The 2018 annual performance forecast will be released only after the end of the day. Your above behavior violates the provisions of Article 6, paragraph 2, and Article 45, paragraph 2 of the Measures for the Administration of Information Disclosure of Listed Companies."

Article 6 of the "Administrative Measures for Information Disclosure of Listed Companies": "The time for information disclosure obligors to publish information on the company's website and other media shall not precede the designated media, and shall not be replaced by any form such as press release or answering journalists. The reporting and announcement obligations shall not replace the interim reporting obligations that should be performed in the form of periodic reports.” Article 45, paragraph 2: “The secretary of the board of directors is responsible for handling the information disclosure of listed companies, etc. In addition to the announcement of the board of supervisors, the listed company The disclosed information shall be published in the form of an announcement by the board of directors. The directors, supervisors and senior management personnel shall not publish the undisclosed information of the listed company without the written authorization of the board of directors."

According to the "Warning Letter" issued by the Guangdong Securities Regulatory Bureau [2019] No. 6, the company's directors and executives have no right to report the company's performance expectations at the shareholders' meeting before they disclose the information through the designated media. However, this behavior violates Article 98 of the Company Law: "The shareholders' meeting is the company's authority."

According to several media reports: "On January 12, 2019, Fang Hongbo, chairman and president of Midea Group, revealed at the 2019 China Manufacturing Forum that Midea Group expects its pre-tax profit to exceed 26 billion yuan in 2018, a new high." January 15 The Japan-US Group released the "2018 Annual Results Preview." In accordance with the "Warning Letter" issued by the Guangdong Securities Regulatory Bureau on [619] No. 6, Fang Hongbo violated Articles 6 and 45 of the Measures for the Administration of Information Disclosure of Listed Companies.

If the Guangdong Securities Regulatory Bureau issues a "warning letter" to Dong Mingzhu, and the other party's behavior does not issue a "warning letter", then, is the Guangdong Securities Regulatory Bureau selective enforcement?

Regarding the issue of the warning letter issued by the Guangdong Securities Regulatory Bureau on [2019] No. 6, there are two principle questions that must have a clear answer:

First, is the company's directors executives obligated to report performance expectations to the shareholders' meeting?

Second, in violation of Articles 6 and 45 of the Measures for the Administration of Information Disclosure of Listed Companies, are the directors who report the company's performance expectations to the shareholders' meeting or the shareholders who advertise the contents of the shareholders' meeting to the media without authorization? Who should the SFC punish?

The above two principle issues are related to the behavioral standards of directors, shareholders and the media of listed companies, which are related to the ethos and social atmosphere of the Chinese securities market.

The China Securities Regulatory Commission and the Guangdong Securities Regulatory Bureau must give clear answers to the above two principles. Otherwise, the Guangdong Securities Regulatory Bureau issued [2019] No. 6 "Warning Letter" as a demonstration case, which will make the national listed companies feel at a loss.

The implementation of the registration system is a milestone in the development of China's securities market. The basis for the smooth implementation of the registration system is to strictly supervise the securities market and strictly enforce the law. I hope that the Guangdong Securities Regulatory Bureau's [2019] No. 6 "Warning Letter" involves the correct answer to the two principle questions, which can make the securities market feel the supervision and shock of the regulatory authorities.

Posted on 2019-02-11 09:49:11
                                                Supporting Liu Weiwei, the United States did violate the rules, and Maotai also violated the rules. It is not possible to issue a supervision letter to Dong Mingzhu of Gree Electric.
Published on 2019-02-11 09:57:42
                                                Law enforcement should be a very serious matter, and there must be no arbitrariness, nor can it be influenced by the theory!
Posted on 2019-02-11 09:51:52
                                                Director Liu: I hope that through your influence... Gree has been wronged for many years!
Posted on 2019-02-11 09:51:19
                                                Speaking of the key points.
Published on 2019-02-11 09:51:57
                                                Good, you should fight back.
Posted on 2019-02-11 09:47:35
                                                Cattle
Posted on 2019-02-11 09:48:04
                                                Liu alone understands how good it is.
Posted on 2019-02-11 09:48:50
                                                Should issue a warning letter
Posted on 2019-02-11 09:49:11
                                                Supporting Liu Weiwei, the United States did violate the rules, and Maotai also violated the rules. It is not possible to issue a supervision letter to Dong Mingzhu of Gree Electric.
Posted on 2019-02-11 09:51:19
                                                Speaking of the key points.
Posted on 2019-02-11 09:51:52
                                                Director Liu: I hope that through your influence... Gree has been wronged for many years!
Published on 2019-02-11 09:51:57
                                                Good, you should fight back.
Posted on 2019-02-11 09:52:46
                                                There is a description, bite!
Published on 2019-02-11 09:57:11
                                                First, is the company's directors executives obligated to report performance expectations to the shareholders' meeting?
It is necessary to see if there is any such content in the resolution of the shareholders' meeting.
Second, in violation of Articles 6 and 45 of the Measures for the Administration of Information Disclosure of Listed Companies, are the directors who report the company's performance expectations to the shareholders' meeting or the shareholders who advertise the contents of the shareholders' meeting to the media without authorization? Who should the SFC punish?
If the executives of the directors violate the regulations and publish information on the listed company by means of a non-statutory method, they should of course punish the leaked directors. You can't punish a participating shareholder who passed by.
Published on 2019-02-11 09:57:42
                                                Law enforcement should be a very serious matter, and there must be no arbitrariness, nor can it be influenced by the theory!
Posted on 2019-02-11 10:00:00
                                                Expected to be a good wordThe profoundness of Chinese language
Published on 2019-02-11 10:01:25
                                                I should give you a piece.
Published on 2019-02-11 10:04:15
                                                Fang Hongbo wants to play the financial investment group, copying his own stock is his mission, and Miss Gree does not copy the stock and sincerely treats the stockholders.
Published on 2019-02-11 10:06:07
                                                Gree has a bad event in the next 5 years.
Published on 2019-02-11 10:07:31
                                                It’s not a good thing to mess up the small shares of the basket.
Published on 2019-02-11 10:07:52
                                                Why only grab me red light and don't catch the front! I saw it, can the listed company still have this level?
Published on 2019-02-11 10:11:02
                                                Since the rule of law society must be treated equally
Published on 2019-02-11 10:11:14
                                                Good girlfriends
Published on 2019-02-11 10:12:26
                                                Because Miss Dong holds Yinlong shares, and Yinlong became a major supplier of Gree after Miss Dong became a major shareholder, and it has produced important cooperation. This behavior needs to be checked.
Published on 2019-02-11 10:14:47
                                                Take the bench and wait to see what the CSRC is saying.
Published on 2019-02-11 10:17:13
Xjgtb :
                                                            Director Liu: I hope that through your influence... Gree has been wronged for many years!
                                                well said! ! !
Published on 2019-02-11 10:18:02
Greater China Chives :
                                                            Because Miss Dong holds Yinlong shares, and Yinlong became a major supplier of Gree after Miss Dong became a major shareholder, and it has produced important cooperation. This behavior needs to be checked.
                                                You are not a leek, who is a leek
Published on 2019-02-11 10:19:53
                                                Support Gree's question and see what the SFC said.
Published on 2019-02-11 10:19:56
                                                Gree has no way to compare with the beauty, the transformation of the United States has begun to bear fruit.
Published on 2019-02-11 10:20:27
                                                As a corporate boss, I don’t know the business situation? It is normal to say in advance! What's more, after talking about it after work! Support Dong Zong to do better!
Published on 2019-02-11 10:21:34
                                                Only when it is warned that there is a hairy use, it should be cleared out of the management and punishable by the bankruptcy. Only then can it serve as a warning function to ensure fairness in public evaluation.
Published on 2019-02-11 10:23:38
                                                Liu Weiwei’s remarks as an independent director of Gree are extremely inappropriate and incompetent. How can they be independent of Dong Mingzhu’s interest?
Published on 2019-02-11 10:24:06
Value gree :
                                                            well said! ! !
                                                Fighting with two women with a sense of justice, the result is: it will be embarrassing to die... hahahaha...
Published on 2019-02-11 10:24:33
                                                Sending a letter is also a punishment?
Published on 2019-02-11 10:25:01
                                                Bench watermelon. The new year has not finished eating
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