XCEC(SH:600777) Zhong Guo Jing Ji Wang·2025-10-27 07:45Core Viewpoint - Shandong Xinchao Energy Co., Ltd. (*ST Xinchao) has been penalized by the Shandong Securities Regulatory Bureau for failing to disclose its 2024 annual report within the legal deadline, resulting in fines and warnings for the company and its executives [1][2][3]. Summary by Sections Violation Details - *ST Xinchao announced on April 28, 2025, that it would be unable to disclose its 2024 annual report by the legal deadline of April 30, 2025, due to the need for further financial information [1]. - The company officially suspended trading on May 6, 2025, after failing to disclose the report [1]. - The 2024 annual report was eventually disclosed on July 4, 2025 [1]. Regulatory Actions - The Shandong Securities Regulatory Bureau found that *ST Xinchao's failure to disclose the report violated Article 79 of the Securities Law, constituting a violation under Article 197 [2]. - The then Chairman and General Manager Liu Bin, along with the then Director and CFO Bing Zhou, were held responsible for not effectively organizing the report's preparation and disclosure, violating Article 82 of the Securities Law [2][3]. - The regulatory bureau imposed a fine of 3 million yuan on *ST Xinchao, while Liu Bin and Bing Zhou were fined 1.2 million yuan and 800,000 yuan, respectively [2]. Exchange Disciplinary Actions - The Shanghai Stock Exchange publicly reprimanded *ST Xinchao and its responsible executives for the failure to disclose the reports, emphasizing the importance of timely disclosures for investors [3][4]. - The exchange mandated that *ST Xinchao submit a rectification report within one month, signed by all board members, to address the compliance issues identified [4][5]. Compliance and Future Measures - The Shanghai Stock Exchange urged *ST Xinchao and its executives to learn from this incident to prevent future occurrences, emphasizing the need for strict adherence to legal and regulatory requirements [5].