Crystal Optoelectronics' controlling shareholder illegally reduced 660,000 shares

Crystal Optoelectronics (002273) announced on the evening of May 25 that the company's controlling shareholder, Star Group Co., Ltd. (hereinafter referred to as "Star Group") passed the centralized bidding on March 2, 2016 in the case of the company's unannounced pre-disclosure plan. The way to reduce the company's stock of 6.5 million shares, resulting in violations.

According to the announcement, the company's controlling shareholder, Star Group, held 141 million shares of the company as of May 25, 2016, with a shareholding ratio of 21.60%. On March 2, 2016, the company received the notice of the shareholding reduction of the Star Group, and on March 3, 2016, disclosed the “Announcement on the Controlling Shareholders to Reduce Shareholdings”. Due to the urgent need for funds, the controlling shareholder Star Group reduced its holdings of 465.90 million shares of unrestricted shares through the block trade and centralized bidding on March 2, 2016, accounting for 1.07% of the company's total share capital.

The above-mentioned behavior of reducing the company's stock by 6.5900 million shares through the centralized bidding method violates Article 8 of the “Several Provisions of the Listed Companies Major Shareholders and the Supervisors of the Directors of the Board of Directors”. In the case of the exchange's centralized bidding transaction to reduce the shareholding, it is necessary to disclose the reduction plan in 15 trading days in advance, resulting in violations.

The company said that the Star Group has always strictly followed the rules of the listing rules. This time due to the urgent need for funds, and the lack of familiarity and grasp of the new policies by relevant personnel, resulting in violations. The Star Group has deeply recognized the seriousness of the impact of this incident and sincerely apologized to the investors for this violation.

In order to make up for the mistakes and reduce the impact on listed companies and investors, Xingxing Group has already paid 2% of the amount of illegal reductions, that is, RMB 220,000, to the company as a return. At the same time, it promises not to reduce the company's stock through centralized bidding within the next 12 months from the date of disclosure of this announcement; in view of the serious negative impact of this violation on Star Group and listed companies, the controlling shareholder has been responsible for the incident. Penalties for notification criticism and cash fines were made; Star Group made comprehensive rectification measures.

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