CITYCHAMP AM: Director Xue Lixi fined and warned by the China Securities Regulatory Commission

Citychamp Watch & Clock (00256.HK) announced that it recently received a notification from its director, Xue Lixi, regarding administrative penalties imposed by the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission. He was fined RMB 1.5 million and RMB 300,000 for suggesting others to buy and sell shares and engaging in short-term trading as a statutory insider, along with a warning.

The Jiangxi Regulatory Bureau found that Xue Lixi was involved in suggesting others to buy and sell Citychamp Dartong New Materials shares (600067.SH) during February 2024 to stabilize the stock price. As a statutory insider, he is suspected of violating Article 53 of the Securities Law of the People's Republic of China, constituting the illegal acts described in Article 191 of the Securities Law.

Additionally, the investigation revealed that Xue Lixi, as a director of Citychamp Dartong, sold Citychamp Dartong shares within six months after buying them using securities accounts he actually controlled, which is suspected of violating the provisions of Article 44, Paragraph 1 of the Securities Law, constituting the illegal acts described in Article 189 of the Securities Law.

Citychamp Watch & Clock stated that this incident is solely an investigation into Xue Lixi personally and does not involve the company, and it will not affect the company's daily operations. Currently, all production and management activities are operating normally