XJZY and related personnel received a warning letter from the Zhejiang Securities Regulatory Bureau
XJZY recently received a warning letter from the Zhejiang Securities Regulatory Bureau due to issues in the management and use of raised funds, including failure to follow the required review procedures, payment of expenses unrelated to the fundraising projects, and the mixing of raised funds with self-owned funds
According to the Zhitong Finance APP, XJZY (002332.SZ) announced that the company recently received an administrative regulatory measure decision letter from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission regarding the decision to issue a warning letter to Zhejiang XJZY Pharmaceutical Co., Ltd. and related personnel.
During an on-site inspection, the Zhejiang Securities Regulatory Bureau found the following issues in the management and use of the raised funds: some of the raised funds were not reviewed and disclosed as required when being replaced, funds were used to pay for expenses unrelated to the fundraising projects, and there were instances of mixing raised funds with self-owned funds when using idle raised funds to purchase structured deposit financial products from banks
