Core Viewpoint - The investigation into the financial transactions between New城控股 and its subsidiary New城悦服务 has revealed significant amounts of related party transactions that were concealed from regulatory oversight and financial statements [1][3]. Group 1: Financial Transactions - New城控股 reported a total of 6.97 billion RMB in related party transactions, with 5.17 billion RMB occurring in the current period and 1.8 billion RMB in the previous period [1][6]. - The highest daily balance of related party transactions reached 700 million RMB in 2023 and 800 million RMB in 2024, with all transactions being repaid within the same month, except for one transaction in 2023 [2][6]. Group 2: Investigation Findings - An independent forensic investigation revealed discrepancies in the bank records and financial statements related to the transactions, indicating that they were not recorded properly [3][5]. - The investigation identified that a management employee, Yang Bo, orchestrated the related party transactions, bypassing internal approval processes by using custom paper approval forms [4][5]. Group 3: Management and Governance - Yang Bo was removed from his position as an executive director following the investigation, and a new member was appointed to the Environmental, Social, and Governance Committee to fill the vacancy [6][7]. - There is no evidence that Wang Zhenhua, the controlling shareholder, was involved in the related party transactions or aware of them during the investigation period [7][8].