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BRILLIANCE CHI & POWER XINCHEN Chairman Arrested by ICAC; Trading Resumed PM
BRILLIANCE CHI (01114.HK) and POWER XINCHEN (01148.HK) announced that officers of the Independent Commission Against Corruption of Hong Kong (ICAC) visited the Company’s prin...
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BRILLIANCE CHI & POWER XINCHEN Chairman Arrested by ICAC; Trading Resumed PM
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BRILLIANCE CHI (01114.HK)  +0.070 (+2.555%)    Short selling $11.23M; Ratio 26.171%   and POWER XINCHEN (01148.HK)  -0.004 (-2.105%)   announced that officers of the Independent Commission Against Corruption of Hong Kong (ICAC) visited the Company’s principal place of business in Hong Kong to execute a search warrant on Thursday (3 August).

On the same day, Wu Xiao An, being an executive director and chairman of the Board, was arrested and detained by the ICAC for the purpose of an investigation relating to an offence suspected to have been committed under s.9(1)(a) of the Prevention of Bribery Ordinance (Chapter 201 of the Laws of Hong Kong) and was released on bail without any charge laid against him on 4 August.

BRILLIANCE CHI and POWER XINCHEN indicated that the ICAC investigation has no material adverse impact on the Group and the business and operations of the Group remain normal. The Company will seek legal advice in relation to the ICAC investigation as appropriate.

Additionally, BRILLIANCE CHI has been informed by Huachen Automotive Group, its controlling shareholder, that the Shenyang Intermediate People’s Court had approved the plan for Huachen's restructuring.

Trading in shares of both companies will resume at 1:00 pm today (8 August).
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-11-15 16:25.)

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