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on the evening of the 19th, st shengtun announced that it had recently received written resignation reports from the company's chairman zhang zhenpeng, general manager zhou xianjin, director weng xiong, and board secretary zou yapeng. according to the relevant provisions of the "company articles of association", the resignation will take effect from the date the resignation report is delivered to the board of directors.

just on september 13, the shanghai stock exchange publicly condemned the company's chairman zhang zhenpeng, president zhou xianjin, and financial director weng xiong.

the company held the 13th meeting of the 11th board of directors on the 19th and reviewed and approved the "proposal on the resignation of directors and the re-election of director candidates". after the qualification review by the nomination committee of the board of directors, the board of directors nominated and proposed to re-elect mr. xiong bo, mr. jin xin and mr. long shuang as candidates for non-independent directors of the company's 11th board of directors.

false financial information for 3 consecutive years

according to the facts ascertained in the administrative penalty decision (no. 3, 2024) of the xiamen securities regulatory bureau, from december 2021 to the first half of 2023, st shengtun, in the sales business of cobalt hydrometallurgical intermediates with relevant customers, had behaviors such as recognizing revenue when the goods were delivered to relevant customers without actually transferring the control, resulting in an overstated operating income of rmb 359 million and an overstated total profit of rmb 194 million in the 2021 annual report, accounting for 0.79% and 7.15% of the disclosed amounts in the current period, respectively;

the 2022 annual report overstated operating income by rmb 84.149 million and understated total profit by rmb 139 million, accounting for 0.33% and 18.20% of the disclosed amounts for the period, respectively;

the 2023 semi-annual report understated operating income by rmb 78.1883 million and total profit by rmb 22.9569 million, accounting for 0.59% and 5.22% of the disclosed amounts for the period respectively.

on april 23, 2024, the company issued the "announcement on correction of accounting errors" and corrected the relevant periodic financial statement data involving the above-mentioned business impact.

the chairman and others were publicly condemned by the shanghai stock exchange

st shengtun recognized revenue when delivering goods to relevant customers without actually transferring control, which resulted in inaccurate disclosure of financial information in multiple periodic reports. the shanghai stock exchange issued disciplinary penalty letter no. [2024] 173, publicly condemning zhang zhenpeng, then chairman and president of st shengtun, chen dong, then chairman, weng xiong, then financial director, and zhou xianjin, then president.

as for the responsible persons, according to the determination of the administrative penalty decision, for the illegal disclosure of information in the company's 2021 and 2022 annual reports and 2023 semi-annual reports, zhang zhenpeng, the company's then chairman and president, was aware of the transaction model of the above-mentioned business, did not pay attention to the accuracy of accounting treatment, signed and confirmed that the above-mentioned reports were true, accurate and complete, failed to perform his duties diligently, and was the directly responsible supervisor;

chen dong, then chairman of the board, was aware of the transaction model of the above-mentioned business, but failed to pay attention to the accuracy of accounting treatment and signed to confirm that the above-mentioned report was true, accurate and complete. he was not diligent and responsible and was the directly responsible supervisor;

weng xiong, the then chief financial officer, was aware of the transaction model of the above-mentioned business, but failed to pay careful attention to the accounting treatment and signed to confirm that the above-mentioned report was true, accurate and complete. he was not diligent and responsible and was the directly responsible supervisor;

zhou xianjin, the then president, should have been aware of the transaction model of the above-mentioned business and signed to confirm that the above-mentioned report was true, accurate and complete. however, he failed to perform his duties diligently and is another directly responsible person.

the company and the relevant responsible persons responded within the prescribed period that they had no objection to the above disciplinary sanctions. the exchange will notify the china securities regulatory commission and the fujian provincial local financial administration bureau of the above disciplinary sanctions, and record them in the credit files of listed companies.

in addition, the shanghai stock exchange also issued regulatory warnings to the company's then independent directors liu luhua, ren li, and tu liandong, then vice presidents xiong bo and jin xin, then vice president and board secretary zou yapeng, then board secretary lu lele, then assistants to the president wu yicong and tang bo, and then supervisors zhao yulan, zhang xiaohong, and huang namin.