China Tianrui breaches listing rules with massive coal prepayments

China Tianrui Group Cement Company Limited breached listing rules after prepayments to suppliers exceeded 8% of total assets as of June 2023, triggering mandatory disclosure requirements.

The company recorded RMB14.4 billion in prepayments by December 2023, with RMB11.9 billion paid to coal suppliers. As of December 2024, prepayments to three major suppliers totaled RMB14.8 billion.

China Tianrui attributed the non-compliance to misinterpreting listing rules and plans remedial measures including enhanced training and revised approval procedures by end-2025.