*ST Mubang and related responsible persons publicly reprimanded by the Shanghai Stock Exchange for multiple violations. The actual controller Liao Zhiyuan and others are deemed unfit to serve as directors, supervisors, or senior management for six years.

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Shanghai Stock Exchange recently issued a disciplinary decision against Jiangxi Mubang High-tech Co., Ltd. (stock abbreviation: _ST Mubang, stock code: 603398) and its controlling shareholder, actual controller, and then chairman Liao Zhiyuan, along with several other responsible persons. It was found that _ST Mubang had multiple violations, including false records in regular reports and non-public issuance documents, failure to disclose related party transactions as required, and untimely disclosure of significant matters, with serious circumstances. The Exchange decided to publicly reprimand the company and its controlling shareholder Jiangxi Mubang New Energy Holdings Co., Ltd., as well as actual controller Liao Zhiyuan and seven others, and to criticize the then board secretary Liu Yi in a public notice, while also publicly determining that Liao Zhiyuan and Zhang Zhong’an are unsuitable to serve as directors or senior management of listed companies for six years.

According to the disciplinary decision, *ST Mubang’s (rights protection) violations mainly include seven major aspects. Among them, the company fabricated business through subsidiaries in the fiscal year 2023 and the first half of 2024, respectively inflating operating revenue by 516 million yuan and 198 million yuan, inflating total profits by 159 million yuan and 75 million yuan, with the inflated profits accounting for as high as 536.60% and 46.50% of the profits disclosed during the respective periods, leading to false records in the relevant regular reports and non-public issuance documents.

In terms of related party transaction disclosures, in 2024, the non-operating fund transactions between the company and actual controller Liao Zhiyuan and related party Zhang Zhong’an totaled 1.204 billion yuan, accounting for 128.98% of the audited net assets, constituting the occupation of non-operating funds by related parties, but the company did not disclose it in a timely manner as required, nor did it disclose it in the 2024 annual report, resulting in significant omissions in the annual report. In addition, the company also failed to disclose related parties and related transactions, failed to timely disclose significant arbitration lawsuits, failed to timely disclose significant contract progress, the controlling shareholder did not fulfill the commitment to increase holdings, and failed to timely disclose the equity transfer agreement, among other violations.

In terms of responsibility determination, the Exchange pointed out that Liao Zhiyuan, as the actual controller of the company, organized and instructed the company to implement illegal acts such as fund occupation, making him directly responsible for the relevant illegal acts, and his illegal acts with Zhang Zhong’an, then chairman of the subsidiary Inner Mongolia Haoan, were relatively serious. Then financial director Tang Xiaochun, former general manager of the subsidiary Inner Mongolia Haoan Zhang Zhonghua, and financial director Huang Meiliang were also identified as directly responsible for the relevant illegal acts. The then board secretary Liu Yi was found to be responsible for the untimely disclosure of company information.

This disciplinary action will be reported to the China Securities Regulatory Commission and the Jiangxi Provincial Local Financial Supervision Administration and recorded in the integrity database of the securities and futures market. *ST Mubang must submit a rectification report signed and confirmed by all directors and senior management within one month of receiving the decision.

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Editor: Xiao Lang Kuaibao