Authored by: Liu Haitao (Harry) and GAN Zhenqian

On May 11, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued a Cease and Desist Order, agreeing to the proposal of the involved company (hereinafter referred to as “Company P”) to pay over 62 million USD and agree to report its compliance rectification to the SEC for a period of two years in exchange for terminating the investigation into Company P for its violation of the U.S. Foreign Corrupt Practices Act (“FCPA”). As a usual practice in case settlements, Company P neither admitted nor denied relevant facts.