Xu Jiadong, former chairman of Cross-Border Communication, is under investigation

Just now, Cross-Border Communication released the "Announcement on the Investigation of the Former Chairman and General Manager for Suspected Embezzlement of Occupations".

The announcement shows that Cross-Border Communication recently learned from the public security authorities that the company's former chairman and general manager Xu Jiadong has been investigated by the Wanbailin Branch of the Taiyuan Public Security Bureau for suspected embezzlement.

Cross-Border Link stated that after Xu Jiadong stepped down, the company discovered that he had committed crimes that infringed the company's interests during his tenure. The public security organs have verified the facts, and the specific amount and persons involved are still awaiting final confirmation by the relevant departments.

The announcement emphasized that at present, all production and operation activities of Cross-Border Link are normal. The company's board of directors will fully cooperate with relevant departments in the review of the above cases and make every effort to recover the company's losses. The impact on the company is currently uncertain.

It is reported that Xu Jiadong has resigned as chairman and general manager of Cross-Border Communication in May 2021 .

On December 1 (yesterday), Cross-Border Link disclosed in the "Pre-disclosure Announcement on Passive Reduction of Company Shares by Shareholders Holding More than 5% of Shares" that Xu Jiadong, a shareholder holding 105,481,154 shares of the company (accounting for 6.77% of the company's total share capital), is at risk of passive reduction of his personal shares due to debt disputes such as equity pledge. Within three months after fifteen trading days from the date of disclosure of this announcement, he will reduce his holdings of the company's shares by no more than 15,580,413 shares (accounting for 1.00% of the company's total share capital) through centralized bidding.

The announcement shows that the company received a "Notice on Passive Share Reduction Plan" submitted by Mr. Xu Jiadong, a shareholder holding more than 5% of the shares, and learned that due to debt disputes such as equity pledge, Xu Jiadong's personal shares are at risk of passive reduction through judicial enforcement and execution of equity pledge agreements.

Cross-border communication

Xu Jiadong

Opening an investigation