Sou Hu Cai Jing·2025-07-12 21:29Core Viewpoint - *ST Xinchao (600777) has experienced a significant stock price increase of 21.81%, closing at 3.91 yuan as of July 11, 2025, marking its highest price in nearly a year [1] Trading Information Summary - The stock has been listed on the "Dragon and Tiger List" due to a cumulative price deviation of over 12% for three consecutive trading days [1][6] - The total market capitalization of *ST Xinchao is currently 26.59 billion yuan, ranking 2nd in the oil and gas extraction sector and 590th among A-shares [1] Company Announcement Summary - The company received a notice from six shareholders, including Shenzhen Hongyu Business Consulting Co., Ltd., to convene a temporary shareholders' meeting on July 24, 2025, to discuss the early re-election of the board of directors and supervisors [2][7] - The board of directors and supervisors have refused to convene the meeting, citing that the conveners did not provide specific proposals, which does not comply with legal regulations and the company's articles of association [3][4][5] Legal Opinions Summary - Legal opinions from various law firms indicate that the conveners, holding a combined 14.99% of shares, have the right to propose the meeting and that the board and supervisory board should legally convene the temporary shareholders' meeting [3][4][5] - The conveners argue that the company's governance structure needs improvement due to significant changes in shareholding and the company's failure to disclose the 2024 annual report, which has led to regulatory investigations and stock suspension [4][5] Stock Trading Anomalies - The stock has been under risk warning since July 8, 2025, due to the inability to express an opinion in the 2024 annual report and the first quarter report, leading to potential delisting risks [8] - The company has stated that its business operations are normal and there are no undisclosed significant matters affecting stock prices [8]