Shandong Xinchao Energy faces trading halt over report delay

Shandong Xinchao Energy Corporation announced that trading of its shares will be suspended starting May 6, 2025, due to the company's inability to publish its audited 2024 annual report and its Q1 2025 report within the legally mandated timeframe. The delay is attributed to the need for further supplementary financial information required for the audit. If the company fails to disclose its 2024 annual report within two months of the trading halt, it faces the risk of being placed under delisting risk alert. Furthermore, if a majority of the company's directors do not guarantee the veracity and completeness of the 2024 annual report within two months of such an alert, the company's shares could be delisted from the Shanghai Stock Exchange. The company states it is expediting the audit process and working to provide the necessary information, aiming to release the reports as soon as possible.