Delayed information disclosure, Shaanxi Radio and Television Network Chairman and Secretary warned

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Recently, due to untimely information disclosure, Han Pu, Chairman of the Board and General Manager, and Zhang Yun, Secretary to the Board of Directors, of Shaanxi Broadcasting & Television Network (Rights Protection) were issued a warning letter by the Shaanxi Securities Regulatory Bureau.

On April 3, the Shaanxi Securities Regulatory Bureau of the China Securities Regulatory Commission released the decision titled “Decision on Ordering Rectification and Taking Administrative Regulatory Measures by Issuing a Warning Letter to Han Pu and Zhang Yun for Shaanxi Broadcasting Network Media (Group) Co., Ltd.” (Shaan Zheng Jian Ce Zi〔2026〕13):

Shaanxi Broadcasting Network Media (Group) Co., Ltd.; Han Pu, Zhang Yun:

After investigation, as of July 2, 2025, the litigation and arbitration matters involving your company that occurred within any consecutive 12-month period had a cumulative amount in dispute of RMB 242 million, exceeding 10% of the company’s latest audited net assets. Such matters should have been disclosed in a timely manner, but your company only disclosed them as late as December 26, 2025, which does not comply with the provisions of Article 3, paragraph 1 and Article 23, paragraph 2, item 1 of the “Measures for the Administration of Information Disclosure by Listed Companies” (CSRC Order No. 226, hereinafter referred to as the “Measures”). In addition, the above issue of untimely disclosure reflects that your company’s information disclosure affairs management system is still not完善, which does not comply with the provisions of Article 31 of the “Measures.” In accordance with the provisions of Article 52, paragraph 2 of the “Measures,” Han Pu, Chairman of the Board and General Manager, and Zhang Yun, Secretary to the Board of Directors, of your company bear the primary responsibility for the above violations.

Pursuant to the provisions of Articles 53 and 54 of the “Measures,” our bureau has decided to order your company to make rectification and to take administrative regulatory measures by issuing warning letters to Han Pu and Zhang Yun. You should draw serious lessons, take effective measures to make rectification in accordance with the requirements below, and submit a written rectification report to our bureau within 30 days from the date you receive this decision.

I. All directors and senior management personnel of your company should strengthen their study of securities laws and regulations, continuously improve their duty-fulfillment capabilities, faithfully and diligently, prudently perform their duties, and effectively enhance the level of information disclosure.

II. Your company should improve the relevant internal control mechanisms, strengthen the management of its subsidiaries and branches, specify the standards for disclosing litigation and arbitration information, the information transmission and review paths, and ensure responsibilities are assigned to individuals; and举一反三, strictly compare against the provisions of Article 31 of the “Measures” to improve your company’s information disclosure affairs management system, ensuring that information disclosure complies with the relevant requirements.

III. Your company should attach great importance to the rectification work, comprehensively review the weak links in information disclosure and the internal controls involved, formulate a rectification plan, and take effective measures to carry out rectification.

If you disagree with these regulatory measures, you may, within 60 days from the date of receipt of this decision, file an application for administrative reconsideration with the China Securities Regulatory Commission (the application for administrative reconsideration can be sent to the Legal Affairs Division of the China Securities Regulatory Commission by postal express). You may also, within 6 months from the date of receipt of this decision, bring a lawsuit in a people’s court with jurisdiction. During the period of reconsideration and litigation, the above regulatory measures will not be suspended.

Shaanxi Securities Regulatory Bureau

April 3, 2026

Reporter Zheng Wen, The Paper (澎湃新闻)

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