On August 15th, Shandong Jincheng Pharm Group Co., Ltd. (Stock code: 300233) released an announcement regarding the company's actual controller receiving a notice of filing from the China Securities Regulatory Commission.
According to the announcement, on August 14, 2024, Zhao Yeqing, the actual controller and chairman of Shandong Jincheng Pharm Group Co., Ltd. ("Jincheng Pharm"), received a "Notice of Case Filing" from the China Securities Regulatory Commission (referred to as the "CSRC"). The CSRC has initiated an investigation into Zhao Yeqing for suspected illegal activities of market manipulation under the relevant laws and regulations, including the Securities Law of the People's Republic of China and the Administrative Penalty Law of the People's Republic of China.
The company emphasized that this investigation is targeting the personal behavior of Zhao Yeqing, and that the current production and operation of the company is normal. They also stated that they will continue to monitor the progress of the situation and strictly fulfill their obligation to disclose information.
The announcement is as follows:
According to reports, in 2022, Jincheng Pharm announced that its wholly-owned subsidiary, Shandong Jincheng Pharm Chemical Co., Ltd., has received a tobacco monopoly license permit decision letter issued by the State Tobacco Monopoly Administration. This is the first e-cigarette monopoly license permit issued in China.
Currently, Jincheng Pharm has a nicotine production capacity of 200 tons per year and is in the process of upgrading the production line for nicotine extraction, which is soon to be completed and put into use. The company recently stated on an investor communication platform that their newly planned "plant-based nicotine extraction expansion project" has been filed for approval. The project is set to be conducted in two phases, with the first phase focusing on the construction of a 300 tons per year nicotine extraction facility, and the second phase focusing on the construction of a 3000 tons per year fragrance and flavoring facility for use in tobacco products.
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