"Pu'er Tea's Leading Company" Lancang Ancient Tea Exposes Internal Control Crisis: Former Executives Embezzled Millions of Public Funds, Inventory Shortage of 35 Tons of Tea Leaves

Recently, the "number one stock of Pu'er Tea" in the Hong Kong stock market, Lancang Ancient Tea, issued two insider information announcements, disclosing a series of major internal control crises that broke out after the company went public. Two senior veteran executives took advantage of the loophole in remote management to conduct illegal operations, leading to the listed company being involved in disputes over millions of yuan in private loans, a 31 million yuan trade guarantee lawsuit, and substantial losses in tea inventory. These significant governance loopholes have triggered a special inquiry by the Hong Kong Stock Exchange, and have also raised strong doubts in the market about the regulatory and control abilities of this listed tea company. On July 9th, a journalist called the official phone number of Lancang Ancient Tea, and was told that the company is undergoing internal reforms and the specific details are not yet clear.