Hikvision CEO And Vice-Chair Receive Warning, Government Investigation Concluded

By Charles Rollet, Published on Mar 16, 2020

The China Securities Regulatory Commission (CSRC) has concluded their investigation into Hikvision's CEO and Vice-Chair, issuing a warning but no fine nor further punishment.

Inside this note, we examine the investigation, the meaning of the warning, and the future for Hikvision.

**********

** ********, ********* ********* that *** *** ** Yangzhong (******** *****) *** vice-chair/co-founder **** *********** ***** ************** *****'* ********** ********* over "********* ********** ** disclosure ************".

***** **** ******** ************ gave ** ******* *******, PRC ***** ******* **************************************** *** ****, *.*.************ **** *** **** sold ***** ** ** as * *** ** reducing *** *****. **** media ******** ****** ******** that ********* *** **** favor **** *** ******** PRC **********, ***** ******** the *******'* *****.

Hikvision ********* ************* ******

*** ************* ** *** closed, ************* ** ********,****** ***** **** **** and ** ******/**** ********* stock ** **** *********** "arrangements" ******* ********** ****:

*** *******'* **** ******** Gong ******* *** ******* manager ** *********failed ** ****** ** ********* that they wereproviding ********* ************ *** ****** **** **** ********* *** ********* ***** ******' *********, which caused the public company to not truthfully, accurately, and comprehensively disclose such information. This has violated Article 3 of the ************** ******** *** *** Disclosure ** *********** ** Listed *********.

******* ********* *** *** CSRC ********* **** ***** "financing ************" ******** **** or *** ******** ************/******* involved.

Consequence: ******* ******, **** ** ** ******

*** ********* ************ ****** that **** *** ****** a "******* ******" ***** would ** ******** ** Hu *** ****'* "*********** Report" [******** *****]:

*** ********** ***decided ** ***** * ******* ****** as a regulatory measure to Gong Hongjia and Hu Yangzhong, and will ****** **** [*** ******] ** ***** ***** ** *** ********** *** ******* ****** *********** ******. Meanwhile, the Commission requires Gong Hongjia and Hu Yangzhong to present a written rectification report [i.e. mandatory letter of apology] to the Securities Commission's Zhejiang Bureau by Mar 20, 2020.

Credibility ****** ******

*** "*********** ******" ** part ** **** *** ********** * ********** ******** of ****** ************. *******, IPVM ******'* **** *** specific *********** ***** *** legal ****** ** ****** such * ****** ** one's ****.

***** ********** **** **** issued **** ******* ******* before **** ****** ******. For *******, *** ********** of * ***** ********* company *************** *******'* ********** ******* hours ***** *** *** issued * ******* ******, but ***** *** ** impact ***** **** **** news *********.

Specific ******* ****** *******

*** ***** ***** **** case ****** *******, *********:

  • **** "********* ************" **** Gong *** ** ******** in?
  • ***** ******** ***** ************ were ************?
  • **** **** ****** **'* standing/position ****** *********?

** **** ***** ********* these ********* *** **** update ** **** *******.

**********

*******, **** ** **** news *** *********. *** investigation *** ****** ******* concerns **** *** ** Yangzhong - **** *** company's ******* ***** - would ** ** ****, possibly ******* ********* ********** at * ***** **** for *** *******. *** beyond * *******, ***** are ** ******* ***** ramifications *****.

** *** ********, *******, it **** **** **** regulators *** ****** ******* an *** ** ** and **** ******* ********* could ***** * **** significant ********.

Comments (1)

* ***'* ********** *** would ****** **** ** do ******** ** **** country. * "******" ****** of ******* ** *** government. ***

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