Panda Financial Holdings announced that the company received the “Administrative Penalty Decision” from the Hunan Regulatory Bureau of the China Securities Regulatory Commission. 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. According to relevant regulations, the Hunan Securities Regulatory Bureau decided: 1. Order a correction, give a warning, and fine of 7 million yuan; 2. Give a warning to Xu Jinhuan and fine 4 million yuan; 3. Give a warning and fine of 2 million yuan to Li Min; 4. Give a warning and fine of 1.5 million yuan to Luo Chunyan; 5. Give a warning and fine of 1 million yuan to Yang Hengwei and Huang Yu'an respectively. In view of the seriousness of the relevant illegal circumstances of Xu Jinhuan and Li Min, according to relevant regulations, the Hunan Securities Regulatory Bureau decided to ban Xu Jinhuan from entering the securities market for 5 years and ban Li Min from entering the securities market for 3 years. From the date the decision was announced by the Hunan Securities Regulatory Bureau, during the ban period, apart from continuing to engage in securities business, securities service business, or as directors, supervisors, or senior managers of the original securities issuer, they are also prohibited from engaging in securities business, securities service business, or as directors, supervisors, or senior managers of other securities issuers in any other institution.

Panda Financial Holdings announced that the company received the “Administrative Penalty Decision” from the Hunan Regulatory Bureau of the China Securities Regulatory Commission. 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. According to relevant regulations, the Hunan Securities Regulatory Bureau decided: 1. Order a correction, give a warning, and fine of 7 million yuan; 2. Give a warning to Xu Jinhuan and fine 4 million yuan; 3. Give a warning and fine of 2 million yuan to Li Min; 4. Give a warning and fine of 1.5 million yuan to Luo Chunyan; 5. Give a warning and fine of 1 million yuan to Yang Hengwei and Huang Yu'an respectively. In view of the seriousness of the relevant illegal circumstances of Xu Jinhuan and Li Min, according to relevant regulations, the Hunan Securities Regulatory Bureau decided to ban Xu Jinhuan from entering the securities market for 5 years and ban Li Min from entering the securities market for 3 years. From the date the decision was announced by the Hunan Securities Regulatory Bureau, during the ban period, apart from continuing to engage in securities business, securities service business, or as directors, supervisors, or senior managers of the original securities issuer, they are also prohibited from engaging in securities business, securities service business, or as directors, supervisors, or senior managers of other securities issuers in any other institution.