Luxiao Technology withdrew its refinancing application and the secretary-general resigned after being detained

Luxiao Technology announced at noon on May 5: The company expected to be unable to complete the private placement work and voluntarily withdrew the refinancing application documents; Cai Shen, the secretary of the board of directors, submitted his resignation. Cai Shen had previously been under criminal detention. The announcement shows that the resolution of the shareholder meeting on the non-public issuance of shares of Luxiao Technology is about to expire. It is expected that the non-public issuance will not be completed before expiration. The company reached a consensus with three stock subscription institutions, and after consultation with the sponsor Dongxing Securities, decided to voluntarily withdraw the application documents for this non-public issuance of shares. On May 10, 2013, Roxiao Technology held an extraordinary general meeting of shareholders, reviewed and approved the company's non-public stock issuance plan and other related proposals, and submitted application documents to the China Securities Regulatory Commission on May 16 last year. According to the plan, the company invested 140 million shares in 3 projects including special electromagnetic wires at 7.06 yuan per share from 3 partners including Huachen Future Fund, raising approximately 970 million yuan in investment. Luxiao Technology also announced that the company received a written resignation report from Cai Shen on May 5 this year. Due to personal reasons, Cai Shen was unable to perform his current duties as secretary of the company's board of directors and deputy general manager, and decided to resign from his position as secretary of the company's board of directors and deputy general manager. Prior to this, on April 26, Luxiao Technology received a notice from the Economic Investigation Corps of the Zhejiang Provincial Public Security Department that the company’s board secretary Cai Shen was criminally detained on suspicion of committing a crime for unknown reasons. Public information shows that Cai Shen was born in 1961, has a college degree, and has served as technician of a state-owned enterprise, workshop director, branch director, Sino-foreign joint venture company