Shandong Xinchao faces delisting risk amid delayed reports

Shandong Xinchao Energy Corporation (SSE:600777) is facing potential delisting risks due to its failure to release its 2024 annual report and first-quarter 2025 report by the April 30, 2025 deadline. The company has cited the need for further information regarding the financial data as the reason for the delay. Consequently, trading of the company's shares has been suspended since May 6, 2025. According to Shanghai Stock Exchange rules, if the company fails to publish the 2024 annual report within two months of the trading suspension, it will be subject to a delisting risk warning upon the resumption of trading. Further delays beyond this point, specifically a failure to disclose a complete 2024 annual report endorsed by over half of the board within two months of the delisting risk warning, could lead to the termination of the company's listing on the Shanghai Stock Exchange. Adding to the challenges, Director Dai Ziyan resigned from her position due to personal reasons. The company has affirmed it is working diligently with its auditors to finalize the report as soon as possible.