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STO Express Withdraws Convertible Bond Filing Amid Safety Probe

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STO Express (SHE:002468) is terminating a planned convertible bond issuance and withdrawing application documents from the Shenzhen Stock Exchange, following a safety investigation into its wholly-owned subsidiary.

The subsidiary received a notice from industry authorities for alleged failure to properly fulfill unified security management responsibilities, according to a Wednesday filing with the Shenzhen bourse.

The investigation is ongoing.

Shares of the delivery services company slid 2% in recent trade.

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