Core Viewpoint - The company, Shenma Co., Ltd. (stock code: 600810.SH), has received a warning letter from the China Securities Regulatory Commission (CSRC) due to violations related to related party transactions and disclosure obligations [1] Group 1: Regulatory Actions - The CSRC's Henan Regulatory Bureau issued a decision to take administrative regulatory measures against Shenma Co., Ltd. and relevant responsible personnel [1] - The company failed to timely perform the necessary review procedures and information disclosure obligations regarding related party transactions [1] Group 2: Financial Transactions - From January to September 2025, the company engaged in related party transactions amounting to 1.94 billion yuan, exceeding the annual expected amount by 440 million yuan [1] - These transactions accounted for 6.14% of the company's audited net assets for 2024, reaching the threshold that requires re-examination and disclosure by the shareholders' meeting [1] Group 3: Responsible Personnel - The company's chairman, Li Benbin, general manager, Wang Bing, and board secretary, An Rujia, are primarily responsible for the aforementioned violations [1]

Core Viewpoint - The company received a warning letter from the Shaanxi Regulatory Bureau of the China Securities Regulatory Commission due to inaccuracies in its 2023 annual report, specifically related to the accounting of receivables in supply chain projects and insufficient credit impairment losses [1] Summary by Relevant Sections - **Regulatory Action** - The Shaanxi Regulatory Bureau decided to issue a warning letter to the company, its then Chairman and General Manager Tian Bin, and Chief Financial Officer Hu Guojiang as a regulatory measure [1] - **Financial Reporting Issues** - The company was found to have errors in the accounting of receivables related to supply chain projects in its 2023 annual report, leading to inaccurate financial statement disclosures [1] - There was a failure to adequately provision for credit impairment losses, which contributed to the inaccuracies in the financial reporting [1] - **Required Actions** - The company and the relevant personnel are required to submit a written rectification report within thirty days of receiving the decision notice [1]

Core Viewpoint - The company, Kunshan Kosen Technology Co., Ltd., has issued a correction and supplementary announcement regarding its related party transactions and received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to disclose certain transactions in a timely manner [1][4]. Summary by Sections Correction of Related Party Transactions - The company corrected the reported amounts of related party transactions with Weishida and Yingzhirong for the years 2020 to 2024. The corrected amounts are 163,706.60 million yuan for Weishida and 107,836.79 million yuan for Yingzhirong, which include tax [2]. Warning Letter from Regulatory Authority - The company and its relevant personnel received a warning letter from the Jiangsu Securities Regulatory Bureau for not timely reviewing and disclosing daily related party transactions from 2018 to 2024, which included errors in the disclosed transaction amounts [4][5]. Violations and Responsibilities - The company violated the disclosure regulations by not properly disclosing non-operating fund occupation matters in 2022, where funds were occupied for 1 to 4 days without following the required procedures [6][5]. The then Chairman and General Manager, Xu Jingen, and the then Financial Director, Xiang Xuemei, are held primarily responsible for these violations [5][6]. Regulatory Measures and Future Actions - The regulatory authority decided to issue a warning letter to the company and the responsible individuals, which will be recorded in the securities market integrity archive. The company is required to submit a written report on corrective actions within 10 working days [7][8]. The company emphasizes its commitment to improving compliance and information disclosure practices [8].

Core Viewpoint - Baichuan Energy received a warning letter from the Hubei Securities Regulatory Bureau due to non-compliance with disclosure obligations related to related party transactions [2] Company Overview - Baichuan Energy was established on March 18, 1992, with a registered capital of 1.34085481 billion RMB, and is primarily engaged in urban pipeline gas sales, gas engineering installation, and gas appliance sales [2] - The company has 51 affiliated companies, including Hebei Guangxiang Construction Engineering Co., Ltd. and Hainan Baichuan Hydrogen Energy Technology Development Co., Ltd. [3] Financial Performance - The company's operating revenues for 2022, 2023, 2024, and the first three quarters of 2025 were 5.010 billion RMB, 5.223 billion RMB, 5.091 billion RMB, and 3.688 billion RMB, reflecting year-on-year growth of 8.33%, 4.27%, -2.54%, and 5.80% respectively [3] - The net profit attributable to the parent company for the same periods was 391 million RMB, 368 million RMB, 319 million RMB, and 189 million RMB, with year-on-year changes of -27.20%, -5.82%, -13.41%, and 9.82% respectively [3] - The company's asset-liability ratios were 51.08%, 51.72%, 50.42%, and 53.56% during the same periods [3] Regulatory Issues - The warning letter was issued because the chairman, Wang Donghai, failed to report related party relationships when acquiring two companies for 220 million RMB in October 2019, violating the disclosure management regulations [2] - The company and responsible individuals have committed to learning from this incident and preventing future occurrences [2]

Core Viewpoint - China Energy Engineering Group Co., Ltd. (referred to as "China Energy") and its chairman Liu Bin received a warning letter from the Gansu Securities Regulatory Bureau due to violations related to information disclosure and non-operating fund occupation [1][2]. Summary by Sections Violations Identified - China Energy failed to disclose related parties and transactions involving its former controlling shareholder, Gansu Blue Science Petrochemical High-tech Equipment Co., Ltd. (referred to as "Blue Science High-tech"), leading to undisclosed amounts of 44.7643 million yuan and 72.36 million yuan in the annual reports for 2019 and 2020 respectively [1]. - The company was found to have non-operating occupation of funds, where Blue Science High-tech paid a total of 47 million yuan to related suppliers, but the funds were actually used by China Energy from August 2019 to June 2020, violating regulations on related party transactions [1]. Responsibilities and Consequences - Liu Bin, as the chairman, was aware of the relationship with Jiangsu Engao Industrial Technology Research Institute Co., Ltd. and was responsible for the related contracts and fund transfers, thus bearing primary responsibility for the violations [2]. - The Gansu Securities Regulatory Bureau decided to issue a warning letter and required the company to submit a written rectification report within 30 days of receiving the decision [2]. Company Background - China Energy was established in August 1987 and is a comprehensive energy service group under China National Machinery Industry Corporation, involved in energy investment, engineering construction, technology research and development, and energy trading services [3]. - The company is headquartered in Shanghai and possesses various qualifications and certificates across multiple sectors, including power, petrochemicals, pharmaceuticals, construction, and municipal engineering, providing integrated services from planning consultation to operational management [3].

Core Points - The stock of Shanzi Gaoke (000981) closed at 3.76 yuan on November 3, 2025, down 7.84% from the previous trading day, with a total market capitalization of 37.59 billion yuan [1] - The company received a warning letter from the Gansu Regulatory Bureau of the China Securities Regulatory Commission on October 31, 2025, due to two main issues: the correction of financial data for the first three quarters of 2024 and the failure to complete a share repurchase plan [1] - The planned share repurchase was set between 600 million to 1 billion yuan, but only 4.83 million shares were repurchased for a total of 11.01 million yuan, which is only 1.8% of the lower limit of the plan [1] - The former chairman and president, Ye Ji, and the former financial director, Lu Yan, were held primarily responsible for the issues due to lack of diligence [1] - The Gansu Regulatory Bureau decided to issue a warning letter and record it in the integrity file of the securities and futures market, requiring the company to submit a written rectification report within 30 days [1] - The company stated that it will enhance its understanding of laws and regulations and improve its operational standards, asserting that these matters do not affect normal operations [1]

Core Points - The company received a warning letter from the Gansu Securities Regulatory Bureau regarding inaccurate financial data and incomplete share repurchase [1][2][3] Group 1: Financial Data Issues - The company disclosed corrections to financial data for the first three quarters of 2024, indicating inaccuracies in the consolidated balance sheet and profit statement [1] - The former chairman and president, Ye Ji, and the former financial director, Lu Yan, were held primarily responsible for the violations of the information disclosure management regulations [1][3] Group 2: Share Repurchase Incompletion - The company planned to repurchase shares worth between 600 million to 1 billion yuan but only repurchased shares worth 11.01 million yuan, which is 1.8% of the lower limit of the plan [2] - This incomplete repurchase constitutes a violation of the share repurchase rules [2][3] Group 3: Regulatory Response - The Gansu Securities Regulatory Bureau decided to issue a warning letter as an administrative regulatory measure, which will be recorded in the securities market integrity file [3] - The company is required to submit a written rectification report within 30 days and is expected to enhance its understanding of relevant laws and regulations [3]

Group 1 - The company received a warning letter from the Gansu Securities Regulatory Bureau due to inaccurate financial disclosures for the first three quarters of 2024, violating the regulations of the Information Disclosure Management Measures for Listed Companies [1] - The former chairman and president, Ye Ji, and the former financial director, Lu Yan, were held primarily responsible for the violations, indicating a lack of diligence in their duties [1] Group 2 - The company planned to repurchase shares worth between 600 million to 1 billion CNY, with the initial approval on July 25, 2024, and extended the repurchase period to July 24, 2025 [2] - By July 26, 2025, the company had repurchased 4.8331 million shares for a total amount of 11.0148 million CNY, which only accounted for 1.8% of the lower limit of the repurchase plan, constituting a violation of the share repurchase regulations [2] - The Gansu Securities Regulatory Bureau decided to issue a warning letter to the company and related personnel, which will be recorded in the integrity archives of the securities and futures market [2]

Core Viewpoint - The company received a warning letter from the Gansu Securities Regulatory Bureau due to violations related to financial disclosures and share repurchase regulations [1][2]. Group 1: Financial Disclosure Violations - On April 29, 2025, the company disclosed corrections to accounting errors for the first three quarters of 2024, indicating inaccuracies in financial data for the first quarter, half-year, and third quarter of 2024 [1]. - The actions of the then Chairman and President, Ye Ji, and the then Chief Financial Officer, Lu Yan, were deemed negligent, leading to their primary responsibility for the violations [1]. Group 2: Share Repurchase Issues - On July 25, 2024, the company's board approved a share repurchase plan with a budget of 600 million to 1 billion yuan, intended to be executed within six months [2]. - The board extended the repurchase period by six months on January 24, 2025, but by July 26, 2025, only 4.83 million shares were repurchased for a total of 11.01 million yuan, which is only 1.8% of the lower limit of the repurchase plan [2]. - This failure to meet the repurchase targets constituted a violation of the relevant regulations [2].

Core Points - The company received a warning letter from the Heilongjiang Securities Regulatory Bureau regarding violations of disclosure regulations related to a related party transaction [1][2] - The transaction involved a procurement deal with Shanghai Haiwei Biotechnology Co., a wholly-owned subsidiary of a related entity, totaling 32.38 million yuan, which is 0.68% of the company's latest audited net assets [1] - The company's chairman, general manager, and board secretary were found primarily responsible for failing to fulfill their diligence obligations [1] Summary by Sections - **Regulatory Action** - The Heilongjiang Securities Regulatory Bureau issued a warning letter to the company and its executives as an administrative regulatory measure [2] - The warning will be recorded in the securities and futures market integrity archives [2] - **Transaction Details** - The related party transaction involved a total amount of 32.38 million yuan [1] - This amount represents 0.68% of the company's most recent audited net assets [1] - **Responsibility** - The chairman, general manager, and board secretary of the company did not comply with the required diligence obligations, leading to their accountability for the violations [1]