Zhitong Finance App News, Titan Co., Ltd. (003036.SZ) issued an announcement. The company recently received the “Decision on Issuing Warning Letter Measures against Zhejiang Titan Co., Ltd. and related personnel” issued by the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission. During the on-site inspection, the Zhejiang Securities Regulatory Bureau discovered the following problems in the management and use of the company's raised funds: First, the replacement of funds raised did not follow the review procedure and disclosure in accordance with regulations; Second, some of the funds raised were not used for specified purposes and were not disclosed.
The above acts of the company violate the provisions of Article 3 (1) of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 182), Article 3 (1) of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 226), “Supervisory Guidelines for Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Funds Raised by Listed Companies” (Securities Regulatory Commission Notice (2022) No. 15), and the “Rules for the Supervision of Funds Raised by Listed Companies” (Securities Regulatory Commission Notice [2025] No. 10). The company's chairman and general manager Chen Yourong, financial director Pan Mengping, and board secretary Pan Xiaoxiao violated the provisions of section 4 and section 51 (1) of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 182), and sections 4 and 52 (1) of the “Administrative Measures on Information Disclosure of Listed Companies” (SFC Order No. 226), and are responsible for the above irregularities.
According to the provisions of Article 52 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 182) and Article 53 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 226), the Zhejiang Securities Regulatory Bureau decided to take separate supervisory and management measures to issue warning letters against the company, Chen Yourong, Pan Mengping, and Pan Xiaoxiao, and record them in the securities and futures market integrity file.