Huifeng Co., Ltd. Receives Regulatory Letter from Shenzhen Stock Exchange for Inaccurate Disclosure of Equity Transfer Information; Four Senior Executives Alleged to Have Failed in Diligent Responsibilities

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Jiangsu HuiFeng Biological Agriculture Co., Ltd. (hereinafter referred to as “HuiFeng Co.”) and company chairman Zhong Hangen, former General Manager Pei Baiping, former Board Secretary Wei Guangquan, and former CFO Yang Jinhua recently received a regulatory letter from the Shenzhen Stock Exchange. The regulatory letter pointed out that the company’s statements regarding a share transfer price in the 2018-2020 annual reports were inaccurate, and the responsible persons failed to perform their duties diligently.

According to the disclosed regulatory letter, the Shenzhen Stock Exchange made the above regulatory measures based on facts verified by the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission in accordance with the “Decision on Issuance of Warning Letters to Jiangsu HuiFeng Biological Agriculture Co., Ltd., Zhong Hangen, Pei Baiping, Wei Guangquan, and Yang Jinhua” ([2026] No. 25). The specific violation involved: In July 2018, HuiFeng Co. signed a transfer agreement with related parties regarding a 49% stake in Shijiazhuang Ruikai Chemical Co., Ltd., with a transaction price of 270 million yuan. However, the statements about this share transfer price in the 2018-2020 annual reports were inaccurate.

The above conduct violated Articles 1.4 and 2.1 of the Shenzhen Stock Exchange’s “Stock Listing Rules (Revised 2020).” Company chairman Zhong Hangen, former General Manager Pei Baiping, former Board Secretary Wei Guangquan, and former CFO Yang Jinhua failed to perform their duties diligently, violating Articles 1.4 and 2.2 of the “Stock Listing Rules (Revised 2020),” and bear primary responsibility for the company’s misconduct.

The Shenzhen Stock Exchange stated in the regulatory letter that it hopes HuiFeng Co. and all directors and senior management will learn from this lesson. It also reminds the company and all directors and senior management to strictly comply with laws and regulations such as the Securities Law and Company Law, as well as the Exchange’s “Stock Listing Rules” and related regulations, to truthfully, accurately, completely, timely, and fairly fulfill their information disclosure obligations and prevent similar incidents from happening.

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Editor: Xiao Lang Kuai Bao