Asia
CTS International Logistics Faces Regulatory Action Over Disclosure Violations
CTS International Logistics (SHA:603128) said the Shanghai Securities Regulatory Bureau ordered corrective measures and issued warning letters to four executives.The executives include former chairs Xiang Hong and Wu Chunquan, former general manager Chen Yu, and former chief financial officer Yu Yongqian, according to a Friday filing with the Shenzhen bourse.Regulators found that the company disclosed Jiacheng Logistics' performance commitment shortfall late and inaccurately, failed to deliberate and disclose related‑party transactions with Jiacheng Logistics and Wuhan Huamao Jiacheng, and misreported large payments that amounted to non‑operating fund occupation.Shares of the logistics provider closed 3% lower Friday.
SHA:603128
