Xinchao Energy resolves US lawsuits, appoints new subsidiary directors

Shandong Xinchao Energy Corporation Limited has announced the successful termination of three significant litigation cases in the United States, with all plaintiffs and counter-plaintiffs withdrawing their claims. These resolutions, confirmed by courts in Texas, Delaware, and Nevada on October 9, 2025, involved the company and its US-based subsidiaries as defendants. The company explicitly stated these resolutions would not negatively impact its current or future profits.

The first case, filed on June 30, 2025, by Inner Mongolia Yitai Coal Co., Ltd., initially involved the company, 12 subsidiaries, and former directors. The second and third cases, filed on August 4 and August 8, 2025, respectively, concerned disputes initiated by former directors following their removal, with one case including a counter-claim by a subsidiary. No monetary amounts were reported as "involved" in these cases.

Following the termination of these litigations, the company's Thirteenth Board of Directors convened on October 9, 2025, and unanimously approved the appointment of new directors for its US subsidiaries. Shandong Xinchao Energy confirmed that the process for replacing all US subsidiary directors is complete, and the newly appointed directors are fulfilling their roles. The company reiterated its commitment to enhancing internal governance across its domestic and international subsidiaries and fulfilling its information disclosure obligations.