Dear HKEX Listing Compliance Department / SFC Investigation Division,
尊敬的香港交易所上市科及香港证监会调查部：
涉嫌违规事项 / Suspected Breaches
（1）未及时披露内幕信息及未澄清重大传闻
涉及条款： 《上市规则》第13.09条、SFO 第XIVA部
公司在虚拟资产及稳定币相关传闻传播期间，股价出现异常波动，却未披露任何澄清或风险公告，构成未履行内幕信息披露义务。
Failure to disclose inside information and failure to clarify significant rumours (Listing Rule 13.09, SFO Part XIVA). The company did not issue any clarification or risk statement despite significant price movements caused by market rumours.
（2）纵容虚假市场形成
涉及条款： 《上市规则》第13.09(2)(a)
公司未在股价暴涨暴跌及谣言扩散期间作出澄清，导致投资者形成误导性交易印象。
Allowing a false or misleading market to exist (Listing Rule 13.09(2)(a)). The issuer failed to prevent a false market during abnormal trading movements.
（3）未披露股东股份出借或质押
涉及条款： SFO 第XV部、《上市规则》第13.25A条
市场传出控股股东出借约5%股份予瑞银（UBS），但公司未作任何公告。若情况属实，构成重大持股变动未申报及披露违规。
Failure to disclose share lending or pledge by major shareholder (SFO Part XV, Listing Rule 13.25A).
（4）董事未尽勤勉责任
涉及条款： 《上市规则》第3.08条
面对重大市场传闻及股价波动，公司董事会未履行调查与披露义务。
Failure of directors to exercise reasonable care and diligence (Listing Rule 3.08).
（5）国有资产监管风险
国泰君安国际系上海市国资委控股企业。若公司确实涉足未披露或未经批准的虚拟资产业务，或纵容股价剧烈波动造成市值蒸发，涉嫌违反国有资本保值增值要求。
Potential breach of state-owned asset management obligations under PRC regulations, given that Guotai Junan International is a subsidiary of a state-owned enterprise.
