The chairman of SUNMUN TECHNOLOGY has been detained, and the company claims to have no business dealings with Jiangsu Banbutang

SUNMUN TECHNOLOGY announced last night that the company's actual controller, chairman, and president Lu Yong has been subjected to detention measures. The announcement mentioned that Lu Yong was detained due to matters related to Jiangsu Banbutang Real Estate Co., Ltd., and this detention is a personal matter unrelated to the company. In early trading on the 29th, SUNMUN TECHNOLOGY's stock fell by more than 8%, and as of the time of publication, it had dropped over 7%. On the same day, a reporter called the company as an investor, and a representative from the investor relations department stated, "The chairman's case is unrelated to the listed company and is a personal matter." The representative also indicated that Jiangsu Banbutang has no business dealings with SUNMUN TECHNOLOGY, and currently, the aforementioned matter is still under investigation. If the chairman is unable to perform his duties normally, the vice chairman will act on his behalf according to the company's governance system. The announcement shows that Lu Yong became the chairman of SUNMUN TECHNOLOGY in August of last year. According to Tianyancha information, Lu Yong is the legal representative and chairman of Jiangsu Banbutang, which was established in 2018 and is located in Nantong City, Jiangsu Province, primarily engaged in real estate