Chongqing Chuanyi Automation announced that its affiliated finance company, Guojin Finance, was fined 400,000 yuan by the Beijing regulatory bureau of the National Financial Regulatory Administration because individual loan risk classifications were inaccurate and asset quality was not truthfully reflected, and the responsible person in the relevant department was given a warning. The company has initiated risk disposal procedures, urging Guojin Finance to provide explanations, analyze the causes, and formulate a rectification plan. Guojin Finance will pay the fine in full on time and carry out rectification. The company stated that this administrative penalty will not have a material impact on Guojin Finance's daily production and operations or on the financial business services it provides to the company, nor will it have an adverse impact on the company's daily production and operations or on its deposit and loan business with Guojin Finance.
Chongqing Chuanyi Automation Co LtdAffiliated finance company fined for inaccurate loan risk classification and asset quality, though company says no material impact.
