Prominent accounting scholar Xiao Zuoping under investigation; Liziyuan and Zhejiang Orient disclose independent director unable to perform duties

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Prominent accounting scholar Xiao Zuoping is undergoing disciplinary review and supervisory investigation on suspicion of serious violations of discipline and law, and Liziyuan and Zhejiang Orient have separately announced that their independent director is unable to perform his duties. Liziyuan said in an announcement on the evening of October 8 that the company recently learned that independent director Xiao Zuoping is undergoing disciplinary review and supervisory investigation, and that the case involved has nothing to do with the company. Xiao Zuoping has served as an independent director of the company since July 2024 and is currently an independent director of the fourth board of directors, chairman of the audit committee and a member of the nomination committee. He does not participate in daily operations and management, and his inability to perform his duties will not have a material impact on the company's operations. The company will select a new independent director as soon as possible. Zhejiang Orient announced the same day that its independent director Xiao Zuoping is suspected of serious violations of discipline and law and is currently undergoing disciplinary review and supervisory investigation, and that based on preliminary understanding the case involved has nothing to do with the company. Xiao Zuoping has served as an independent director of the company since October 2020 and is currently an independent director of the tenth board of directors, chairman of the audit committee, and a member of the remuneration and assessment committee and the risk control committee. Public information shows that Xiao Zuoping is 51 years old and has served as a professor and doctoral supervisor at the School of Accounting of Hangzhou Dianzi University since October 2018. He has also served as an independent director of Zhejiang Orient since October 2020 and as an independent director of Eastcompeace since September 2023. According to information released on September 30 on the website of the Huzhou Municipal Commission for Discipline Inspection and the Huzhou Municipal Supervisory Commission, Xiao Zuoping, former deputy party secretary and dean of the School of Accounting of Hangzhou Dianzi University, is suspected of serious violations of discipline and law, surrendered voluntarily, and is currently undergoing disciplinary review by the Hangzhou Dianzi University Commission for Discipline Inspection and supervisory investigation by the Huzhou Municipal Supervisory Commission.

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Zhejiang Orient Holdings Co Ltd
600120
± MixedRegulationrelevance

Independent director Xiao Zuoping is under disciplinary review; company says the case is unrelated and won't materially affect operations, but must replace him.

Zhe Jiang Li Zi Yuan Food Co Ltd
605337
± MixedRegulationrelevance

Independent director Xiao Zuoping is under investigation; Liziyuan states the case has nothing to do with the company and his inability to serve won't materially impact operations.