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Mon, Dec 07, 2020 – 10:11 am
YING Li International Real Estate Group Chief Executive Officer (CEO) and Chief Executive Officer Hu Bing has been detained by authorities in Beijing for his “involvement in alleged bribery,” the motherboard-listed firm said in a document. regulatory on Monday morning. .
The company’s Chinese legal advisor will follow up with the Beijing Municipal Public Security Bureau for more information on the investigations.
To the best of the board’s knowledge, this matter is not related to the day-to-day operations of the company or the group, and should not materially affect their normal business and operations, Ying Li said.
As of December 7, the investigations are still ongoing and Mr. Hu will step down as the group’s CEO, chief executive officer and member of the company’s nominating committee effective immediately.
Meanwhile, the functions of the group’s chief executive will be handled by Yang Haishan, a non-executive and non-independent director of the firm, Ying Li said.
As of 9:42 a.m. on Monday, Ying Li’s shares were trading at 7.2 Singapore cents, down 0.6 percent or 7.7 percent.
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