On November 14, Shanghai Zendai Cultural Development Co., Ltd. (Zendai Culture, New Third Board Code: 837786) announced that on November 13, 2019, Zhu Yu, the general manager of the company, was taken criminal compulsory measures by the Pudong Branch of the Shanghai Municipal Public Security Bureau to assist in the investigation because of the suspected illegal fund-raising of funds by the "Fishing Treasure" platform and the "Zendai Wealth" company under Shanghai Zendai Cultural and Creative Development Co., Ltd.
On July 5, 2019, Zendai Culture's Board of Directors appointed Zhu Yu as General Manager. Zendai Culture said in the announcement that the assistance in the investigation was due to the fact that Zhu Yu served as the director and general manager of Shanghai Zendai Aite Financial Information Service Co., Ltd. (hereinafter referred to as "Aite Financial") from May 2018 to April 2019, and now serves as the legal representative of Aite Financial. The Pudong Branch of the Shanghai Municipal Public Security Bureau conducted an investigation into his business during this period of work, and Zhu Yu's criminal compulsory measures had a significant impact on the company's general manager's ability to perform his duties, and there was significant uncertainty about the impact on the company.
On the same day, Zendai Culture also issued another announcement that in order to achieve the company's long-term strategic development plan and cooperate with the company's own business development requirements, reduce the company's operating costs, and improve the efficiency of business decisions, the company intends to apply to the National Small and Medium-sized Enterprise Share Transfer System Co., Ltd. for the termination of the listing of the company's shares.
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