Fuchun Co., Ltd. announced that in October 2023, Fujian Fuchun Investment Co., Ltd., the controlling shareholder of Fuchun Technology Co., Ltd., Miao Pinzhang, and other relevant parties received the “Administrative Penalty Decision” and “Market Ban Decision” issued by the China Securities Regulatory Commission for suspected insider trading. Recently, the company received a notice from Fujian Fuchun Investment Co., Ltd. Based on the above matters, Mr. Miao Pinzhang was prosecuted on suspicion of insider trading, and he himself is on bail awaiting trial. Currently, the case is awaiting the outcome of the first instance judgment of the Fuzhou Intermediate People's Court.

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