The former chairman of Kingsley was arrested and the stock price plummeted. The company said it was in normal operation

category:Finance
 The former chairman of Kingsley was arrested and the stock price plummeted. The company said it was in normal operation


In the first six months of this year, Kingsley realized an income of $166 million, a year-on-year increase of 36.5%; the companys shareholders should account for a loss of about $113 million, and a loss of about $27.3 million in the first half of 2019.

On the evening of November 22, Kingsley also announced that Zhang Fangliang had resigned as a non-executive director, chairman of the board of directors, member and chairman of the companys nomination committee, and member and chairman of the companys sanctions risk control committee. At the same time, Kingsley also announced a new list of personnel appointments. Zhu Li, who was originally the companys consultant, was appointed as the executive director, and Meng Jiange, who was in charge of the companys finance, was appointed as the chairman of the board of directors.

Why was Zhang Fangliang investigated? The arrest notice dated November 20, 2020 issued by the anti smuggling Bureau of Zhenjiang customs showed that Zhang Fangliang was suspected of smuggling goods prohibited by the import and export regulations of Chinese laws, according to the notice. To the companys knowledge, two employees who had previously dealt with the groups import and export activities have been arrested. Mr Kingsley said. Recently, some media speculated that Zhang Fangliang was investigated or related to the national special inspection of human genetic resources being carried out by the government. At the end of 2019, the general office of the Ministry of science and Technology issued the notice on carrying out the national special inspection on administrative licensing management of human genetic resources, which said that it would inspect and supervise the management and research and development of human genetic resources of relevant units, and the scope of inspection included the actors who carried out relevant activities, and focused on the administrative punishment and activities carried out by the Ministry of science and technology Units with low passing rate of declaration items. In this regard, the first financial reporter also further verified with Kingsley, the other side responded: the company has not received any official information about other matters. Source: editor in charge of Finance and Economics: Zhong Qiming_ NF5619

Why was Zhang Fangliang investigated? The arrest notice dated November 20, 2020 issued by the anti smuggling Bureau of Zhenjiang customs showed that Zhang Fangliang was suspected of smuggling goods prohibited by the import and export regulations of Chinese laws, according to the notice. To the companys knowledge, two employees who had previously dealt with the groups import and export activities have been arrested. Mr Kingsley said.

Recently, some media speculated that Zhang Fangliang was investigated or related to the national special inspection of human genetic resources being carried out by the government. At the end of 2019, the general office of the Ministry of science and Technology issued the notice on carrying out the national special inspection on administrative licensing management of human genetic resources, which said that it would inspect and supervise the management and research and development of human genetic resources of relevant units, and the scope of inspection included the actors who carried out relevant activities, and focused on the administrative punishment and activities carried out by the Ministry of science and technology Units with low passing rate of declaration items.