XCEC(SH:600777) Mei Ri Jing Ji Xin Wen·2025-09-12 15:36Core Viewpoint - The delayed annual report of *ST Xinchao (New Energy) has resulted in significant penalties and highlighted internal governance issues amid a control dispute [2][4]. Group 1: Regulatory Actions - *ST Xinchao received an administrative penalty notice from the Shandong Securities Regulatory Bureau for failing to disclose the 2024 annual report on time, with total fines amounting to 5 million yuan [2]. - The company was found to have not disclosed the report by the legal deadline of April 30, 2025, leading to a stock suspension from May 6 [2]. - The penalties include a warning and a fine of 3 million yuan for *ST Xinchao, 1.2 million yuan for the former chairman and general manager Liu Bin, and 800,000 yuan for the former director and CFO Bing Zhou [3]. Group 2: Internal Governance Issues - The delay in the annual report was attributed to the recent change of the auditing firm, which the company claimed caused time constraints and complexity in material preparation [3]. - However, the Shandong Securities Regulatory Bureau revealed that the new auditing firm had completed its procedures before the company cited the need for more time, indicating a lack of effective management [3]. - The situation has exposed the intense internal control disputes and chaotic governance within *ST Xinchao, particularly in light of the ongoing power struggle between old and new factions [4].