• CHI CSRC update the investigations on OLO Home whose controlling shareholders have violated the relevant regulations regarding substantial shareholding reductions.
• Follows CHI CSRC August 2023 further regulated substantial shareholding reductions.

Investigations

• In 2021, Fan Yi and his concerted parties purchased 5% of the shares of OLO Home through the secondary market but failed to disclose the information according to rules.
• Before shareholding reduction, they held 7.11% of the company's total share capital.
• They sold all the shares of OLO Home on 5 September to 6 September 2023 but failed to stop selling the shares in accordance with the law when the reduction ratio reached 5%.
• Subsequent illegal transaction amount was RMB107 mn; illegal gains RMB 16.53 mn.

Penalties

• CHI CSRC intends to confiscate their illegal gains and impose a fine of RMB 32.95 mn.