Shandong Xinchao Energy faces penalties for delayed annual report

Shandong Xinchao Energy Company Limited (*ST Xinchao) received an Advanced Notice of Administrative Penalty from the China Securities Regulatory Commission Shandong Regulatory Bureau on September 12, 2025. The company is accused of failing to disclose its 2024 annual report within the legally stipulated period, a violation of Article 79, Paragraph 1, of the Securities Law of the People's Republic of China.

The regulatory bureau proposes a penalty for *ST Xinchao, ordering it to rectify the issue, issuing a warning, and imposing a fine of CNY 3,000,000. Additionally, Mr. Liu Bin, the former chairman and general manager, and Mr. Bing Zhou, the former director and cfo, are also implicated for their alleged failure to diligently organize and promote the preparation and disclosure of the 2024 annual report.

Mr. Liu Bin is proposed to receive a warning and a fine of CNY 120,000, while Mr. Bing Zhou is proposed to receive a warning and a fine of CNY 80,000. The individuals involved have the right to make statements, defend themselves, and request a hearing regarding the proposed administrative penalties.