HIKING(SH:600735) Mei Ri Jing Ji Xin Wen·2025-09-26 15:50Core Viewpoint - Xinhua Jin is facing significant challenges due to the judicial freezing of its controlling shareholder's shares and a substantial non-operating fund occupation issue, leading to its stock being marked as ST starting September 30, 2025 [2][3][4]. Group 1: Shareholder Issues - The entire 186 million shares held by the controlling shareholder, Shandong Lujin Import and Export Group Co., Ltd., are under judicial freeze, accounting for 43.27% of Xinhua Jin's total shares [3]. - As of the announcement date, all shares held by the controlling shareholder have been frozen, indicating a complete restriction on their equity [3]. Group 2: Fund Occupation Problem - Xinhua Jin is facing a non-operating fund occupation issue amounting to 406 million yuan, which has not been resolved within the stipulated one-month period, triggering the ST designation [4][5]. - The company received an administrative regulatory decision from the China Securities Regulatory Commission, highlighting the fund occupation issue as a critical factor for the ST designation [4]. Group 3: Company Response and Future Actions - Xinhua Jin's stock will be suspended for one day on September 29, 2025, and will resume trading as ST Xinhua Jin on September 30, with a reduced daily price fluctuation limit of 5% [6]. - The company asserts that its operations remain normal and that the freezing of the controlling shareholder's shares will not significantly impact its production and governance [6]. - To address the fund occupation issue, Xinhua Jin is urging its controlling shareholder to expedite the sale of assets, including the equity of Shandong Jimo Huangjiu Factory, to raise funds for repayment [7].