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Overseas Chinese Town Limited

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2023

    OCT A Warned by Shenzhen Securities Regulatory Bureau Over Late Impairment Provisions and Inadequate Disclosure; Former Chairman Duan Xiannian Among Those Cited

    In July 2023, the Shenzhen Securities Regulatory Bureau found that Shenzhen Overseas Chinese Town Co., Ltd. had failed to timely and adequately make impairment provisions for inventory, construction in progress, and fixed assets, and had inadequately disclosed the reasons for the decline in its real estate business. It ordered the company to correct the problems and issued warning letters to then Chairman Duan Xiannian, General Manager Wang Xiaowen, and then Finance Head Feng Wenhong. Impact and handling: During the same period, OCT faced relatively heavy debt repayment pressure; at the end of 2023, it had interest-bearing debt of RMB 133.44 billion, 52.6% of which was due within two years. OCT (Asia) is the Hong Kong-listed platform of OCT Group and belongs to the same group as the above entity. Progress: regulatory measures. Entities involved: Shenzhen Overseas Chinese Town Co., Ltd., Duan Xiannian, Wang Xiaowen, and Feng Wenhong. Associated scope: the A-share listed platform of OCT Group; OCT (Asia) is an affiliated entity of the same group.

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