Guangdong Shaoneng Group's second largest shareholder warned for disclosure violations

Shenzhen Zhaowei Hengfa Energy Co. Ltd. (Zhaowei Hengfa) was issued a warning letter by the Guangdong Securities Regulatory Bureau on December 18, 2025, for two violations related to equity changes in Guangdong Shaoneng Group.

The first violation occurred on November 10, 2025, when Zhaowei Hengfa reduced its stake by 14,404,700 shares via block transactions, bringing its holding below 10%. Zhaowei Hengfa failed to report this change, make a public announcement, and halt further stock sales at the 10% threshold, contravening Article 13, Section 2 of the "Measures for the Administration of the Takeover of Listed Companies" (2025 revision).

A second violation on November 11, 2025, involved a further reduction of 4,047,000 shares, bringing its total ownership below 9%. Zhaowei Hengfa did not promptly announce this change, violating Article 13, Section 3 of the same regulations. As a result, Zhaowei Hengfa has been recorded in the securities and futures market integrity file.

Guangdong Shaoneng Group confirmed these measures are directed at its second largest shareholder and will not impact the company's normal operations. The company plans to remind and urge Zhaowei Hengfa to enhance its compliance awareness and fulfill its information disclosure obligations.