Hoshine Silicon(SH:603260) Sou Hu Cai Jing·2026-01-19 09:46Core Viewpoint - The company, Hesheng Silicon Industry, has received administrative regulatory measures from the Zhejiang Securities Regulatory Bureau due to violations related to undisclosed related-party transactions and failure to fulfill information disclosure obligations [3][5][7]. Group 1: Regulatory Actions - Hesheng Silicon Industry received two notices from the Zhejiang Securities Regulatory Bureau: one requiring corrective actions and the other issuing warning letters to four senior executives [7][11]. - The corrective action notice highlights issues with related-party transactions involving Kaifa Lianying Trading Co., Ltd. and Kuqa Juyou Coal Industry Co., Ltd., which were not disclosed properly [8][9]. Group 2: Financial Details - In 2022, the transaction amount with Kaifa Lianying was 771.5962 million yuan, accounting for 3.81% of the company's latest audited net assets [9][10]. - For the years 2022 to 2024, the transaction amounts with Kuqa Juyou were 245.4776 million yuan, 246.409 million yuan, and 354.5957 million yuan, representing 1.21%, 1.03%, and 1.09% of the company's latest audited net assets respectively [10][11]. Group 3: Investment Projects - In October 2022, the company's subsidiary signed a strategic cooperation framework agreement with the government of Hangzhou's Xiaoshan District, with an initial total investment of approximately 7 billion yuan, which was later increased to about 11 billion yuan in June 2023 [4][11]. - These investment amounts represent 34.55% and 45.88% of the company's latest audited net assets, and the company failed to follow the necessary review procedures and disclosure obligations [4][11]. Group 4: Company Performance - Hesheng Silicon Industry reported a net loss of 321 million yuan for the first three quarters, with asset impairment losses of 213 million yuan [12]. - The company's debt ratio stood at 62.89% as of September 2025, with monetary funds of 1.142 billion yuan and interest-bearing liabilities of approximately 27.926 billion yuan [12].