Kaiying Network: Chairman Jin Feng receives the procuratorate's "Decision not to prosecute"

The Paper's reporter Cui Zhuzhu reported comprehensively

On December 29, game company Kaiying Network Co., Ltd. (002517, Kaiying Network) announced that the company received a "Notice Letter" issued by Chairman Jin Feng on December 29, 2020, and Jin Feng received a "Decision not to prosecute" issued by the First Branch of the Shanghai Municipal People's Procuratorate. After review by the First Branch of the Shanghai Municipal People's Procuratorate, it was decided not to prosecute Jin Feng in accordance with the provisions of the second paragraph of article 177 of the Criminal Procedure Law of the People's Republic of China.

The announcement shows that on October 25, 2019, the company received a "notice letter" from Jin Feng's family, saying that Jin Feng was arrested by the Shanghai Municipal Public Security Bureau for suspected insider trading; on November 14, 2019, the company received a "notice letter" from Jin Feng, saying that he had gone through the procedures for release on guarantee pending further investigation by the Shanghai Municipal Public Security Bureau.

Kaiying Network said that the above incidents will not affect the normal operation of the company.

According to the official website of Kaiying Network, the company was founded in 2008 and was listed on the backdoor of A-shares in December 2015. Kaiying Network mainly focuses on the game business, developing and operating games such as "Skyscraper", "Legend of Shushan Mountain", "National Miracle MU" and so on.

Since March 2019, The actual controller of Kaiying Network, Wang Yue, deputy general manager Feng Xianchao, general manager and financial director Chen Yongcong, chairman Jin Feng, and outgoing supervisor Lin Bin, and other senior executives have been investigated or arrested by the public security organs. Among them, Wang Yue was suspected of manipulating the securities market, and Jin Feng was suspected of insider trading.

According to a December 25 announcement by Kaiying Network, the Shanghai No. 1 Intermediate People's Court convicted Wang Yue of manipulating the securities market and sentenced him to five years and six months in prison and a fine of 10 million yuan.

Previously, kaiying network announcement on December 5 showed that the company learned on December 4, 2020 that Chen Yongcong and Lin Bin had received the "Decision not to prosecute" issued by the first branch of the Shanghai Municipal People's Procuratorate. The "Decision on Non-Prosecution" shows that after review and ascertainment in accordance with law, the facts of the crime of Chen Yongcong and Lin Bin committing breaches of trust and harming the interests of the listed company are unclear and the evidence is insufficient, and although they have been returned for supplementary investigation twice, the evidence is still insufficient and does not meet the conditions for prosecution. In accordance with the provisions of paragraph 4 of article 175 of the Criminal Procedure Law of the People's Republic of China, it was decided not to prosecute Chen Yongcong.

The current management of Kaiying Network is centered on the current chairman Jin Feng. According to the third quarter report of 2020, Jinfeng's shareholding in Kaiying Network has risen to 6.95%, making it the company's third largest shareholder.

Editor-in-Charge: Wang Jie

Proofreader: Yan Zhang