Samsonite Was Punished By The State Administration Of Foreign Exchange For Violation Of Foreign Exchange Registration Regulations.

The information table of the foreign exchange administrative penalty announced by the website of the Ningbo branch of the State Administration of foreign exchange (No. 2019, No. 2) shows that Samsonite (China) Limited (hereinafter referred to as Samsonite) (01910.HK) has breaches the provisions of the foreign exchange registration administration. It has violated the provisions of the People's Republic of China foreign exchange regulations (seventeenth of the 532nd decree of the State Council of 2008) and the provisions of the regulations of the State Administration of foreign exchange on the foreign exchange management of domestic equity participation in the foreign equity incentive plan of overseas listed companies (remittance [2012] 7).

The Beilun branch of the State Administration of foreign exchange (hereinafter referred to as the "People's Republic of China branch of the State Administration of foreign exchange"), in accordance with the provisions of article forty-eighth (five) of the regulations on foreign exchange control of the People's Republic of China (No. 532nd of the State Council of 2008), now makes a decision to warn, order corrections and impose a fine of $30 thousand.

The seventeenth regulation of the regulations on foreign exchange administration of the People's Republic of China (No. 532nd of the State Council in 2008) stipulates that domestic institutions and domestic individuals shall register for overseas direct investment or engage in the issuance and trading of overseas securities and derivative products, in accordance with the provisions of the foreign exchange administration department under the State Council. If the state regulations need to be approved or filed in advance by the relevant competent authorities, approval or archival filing procedures should be carried out before the registration of foreign exchange.

The regulation on foreign exchange administration of the People's Republic of China (No. 532nd of the State Council in 2008) provides that, under any of the following circumstances, the foreign exchange administrative organ shall order the correction and give a warning, and the organization may be fined not more than 300 thousand yuan, and a fine of 50 thousand yuan shall be imposed on the individual:

(1) failing to declare the balance of payments statistics according to the provisions;

(two) failing to submit financial accounting reports, statistical reports and other materials in accordance with relevant regulations;

(three) it is not true that a valid document or a submitted document fails to comply with the regulations.

(four) violation of foreign exchange account management regulations;

(five) violation of foreign exchange registration regulations;

(six) refuse or obstruct foreign exchange control organs from conducting supervision, inspection or investigation according to law.

The Circular of the State Administration of foreign exchange on the relevant issues concerning the foreign exchange management of individual participation in the equity incentive plan of overseas listed companies by the State Administration of foreign exchange (eighth) [2012] No. eighth provides that the domestic agency shall, within three months after the major changes in the equity incentive plan of overseas listed companies, such as the revision of the key provisions of the original plan, the addition of new plans, major events such as mergers and acquisitions of overseas listed companies or the merger and reorganization of domestic companies, and changes in domestic agencies or overseas trustee agencies, etc., shall apply for registration of change to the local foreign exchange bureau within three months of written application, original stock incentive plan foreign exchange registration certificate, the newly completed "foreign exchange registration form" and relevant transaction authenticity certification materials.