Zheng Quan Zhi Xing·2025-07-01 16:40Core Viewpoint - The report by China International Capital Corporation (CICC) serves as an independent financial advisor's verification of stock trading activities related to the major asset restructuring and cash purchase transaction of Baota Industrial Co., Ltd. The report confirms that no insider trading occurred during the specified self-inspection period [1][15]. Group 1: Transaction Overview - The self-inspection period for stock trading related to the transaction spans from October 12, 2024, to June 6, 2025 [1]. - The transaction involves a significant asset swap and cash purchase, which is subject to regulatory scrutiny under various laws and guidelines [1]. Group 2: Insider Trading Verification - The verification covered natural persons and relevant insiders involved in the transaction, ensuring compliance with insider trading regulations [2]. - A detailed table lists the stock trading activities of various individuals, including their names, identities, transaction dates, share changes, and whether they bought or sold shares [2]. Group 3: Individual Commitments - Individuals involved in the stock trading activities provided commitments stating that their transactions were based on independent market judgment and not on insider information [3][4][6]. - Each individual confirmed that they had not received any insider information regarding the restructuring and had no connections to the involved parties [3][4][6]. Group 4: Institutional Trading Activities - CICC and other institutions involved in the transaction reported their trading activities, asserting compliance with legal and regulatory requirements [13][15]. - CICC emphasized its strict adherence to internal information barriers to prevent insider trading and confirmed that its trading decisions were independent and unrelated to the restructuring [13][15]. Group 5: Conclusion of Verification - The independent financial advisor concluded that there was no direct evidence of insider trading by the verified insiders during the self-inspection period, based on the accuracy and completeness of the self-reports and commitments provided [15][16].