Titan Co., Ltd. announced that due to incomplete responses and irregularities in the management and use of raised funds, the company has successively received a supervisory letter from the Shenzhen Stock Exchange and a warning letter from the Zhejiang Securities Regulatory Bureau. The Zhejiang Securities Regulatory Bureau issued separate warning letters to the company, chairman and general manager Chen Yourong, financial director Pan Mengping, and board secretary Pan Xiaoxiao and recorded them in the integrity file. China Securities Pengyuan assessed that the above matters had little impact on the company's production and operation and that the impact on the credit level is manageable. It decided to maintain the credit rating of the company's principal and “Titan Bonds Transfer” at A, and the rating outlook is stable.

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