The Shanghai Stock Exchange issued a decision on disciplinary action against Panda Financial Holdings Co., Ltd. and those responsible. After investigation, *ST Panda and Kunpeng Asset's debt transfer was a false transaction. *ST Panda provided funds for the debt transfer and later covered up the false transaction through capital lending. Guojun Industrial Holdings Co., Ltd. held the above claims. In view of the facts and circumstances of the above violations, after review and approval by the Shanghai Stock Exchange Self-Regulatory and Disciplinary Committee, it was decided to publicly condemn Panda Financial Holdings Co., Ltd. and then-chairman Xu Jinhuan, then-director Li Min, then-board secretary Luo Chunyan, then-director and general manager Yang Hengwei, and then-financial director Huang Yu'an, and publicly determined that Xu Jinhuan was unfit to serve as a director or senior manager of a listed company within 5 years.

The Shanghai Stock Exchange issued a decision on disciplinary action against Panda Financial Holdings Co., Ltd. and those responsible. After investigation, *ST Panda and Kunpeng Asset's debt transfer was a false transaction. *ST Panda provided funds for the debt transfer and later covered up the false transaction through capital lending. Guojun Industrial Holdings Co., Ltd. held the above claims. In view of the facts and circumstances of the above violations, after review and approval by the Shanghai Stock Exchange Self-Regulatory and Disciplinary Committee, it was decided to publicly condemn Panda Financial Holdings Co., Ltd. and then-chairman Xu Jinhuan, then-director Li Min, then-board secretary Luo Chunyan, then-director and general manager Yang Hengwei, and then-financial director Huang Yu'an, and publicly determined that Xu Jinhuan was unfit to serve as a director or senior manager of a listed company within 5 years.