On March 21, * ST Mubang announced that the board of directors of the company had recently received a written resignation report from Liao Zhiyuan, chairman and general manager of the company.
For personal reasons, Liao Zhiyuan resigned as director, chairman and general manager of * ST Mubang, and his resignation application took effect from the date of delivery to the board of directors. After his resignation, Liao Zhiyuan will no longer hold any position in the company.
At the same time, * ST Mubang announced the appointment of Liao Zhipeng to perform the duties of chairman and general manager until the date when the board of directors elects a new chairman.
Although the reason for Liao Zhiyuan's sudden resignation was not explicitly mentioned in the above announcement, it may be related to the previous financial fraud.
On the same day, * ST Mubang announced that the company and related parties had received the Decision on Administrative Penalty (No.2026) issued by Jiangxi Securities Regulatory Bureau on the previous day (March 20). Jiangxi Securities Regulatory Bureau issued a fine of 22.5 million yuan to * ST Mubang and related parties
because the company was suspected of financial fraud and credit violations. The party concerned shall, within 15 days from the date of receipt of the written decision on punishment, remit the fines and confiscations directly to the State Treasury.

At the same time, due to the serious illegal acts of Liao Zhiyuan and Zhang Zhongan, according to relevant laws and regulations, the Jiangxi Securities Regulatory Bureau decided to ban Liao Zhiyuan and Zhang Zhongan from entering the securities market for six years respectively. From the date of the announcement of the decision by the
Jiangxi Securities Regulatory Bureau, during the period of prohibition, Shall not continue to engage in securities business or securities service business in the original institution or serve as a director or supervisor of the original securities issuer, In addition to the positions of senior managers, they shall not engage in the above-mentioned positions in any other institutions.
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