Incorrect annual reports disclosed for three consecutive years, Shanghai Lingang receives a warning letter, and rights protection collection begins

Log in to Sina Finance App and search for 【Information Disclosure】 to see more evaluation levels

（Source: Caowen）

          Users can buy Shanghai Lingang from April 14, 2023, to before the market close on April 3, 2026, and hold the shares until the market close on April 3, 2026, to register for rights protection and claims.            

Shanghai Lingang (600848.SH) recently announced that it received the “Decision on Corrective Measures and Warning Letters Issued to Weng Kaining, Yuan Guohua, and Liu Dehong” (Shanghai Securities Regulatory Bureau Decision [2026]72, hereinafter referred to as the “Decision”) issued by the Shanghai Regulatory Bureau of the China Securities Regulatory Commission.

The Decision shows that in 2022 and 2023, Shanghai Lingang’s subsidiary Shanghai Caohejing Development Zone High-Tech Park Development Co., Ltd. received a total of 5 billion yuan in capital increase from Guoshou Investment Insurance Asset Management Co., Ltd. (hereinafter “Guoshou Investment”). Shanghai Lingang has contractual obligations that cannot be unconditionally avoided to deliver cash or other financial assets to Guoshou Investment. When preparing consolidated financial statements, this capital increase should be recognized as a financial liability. However, Shanghai Lingang treated Guoshou Investment as a minority shareholder in its consolidated financial statements, leading to inaccurate financial data in the 2022, 2023, and 2024 periodic reports, with liabilities underreported by 3.01B yuan, 5.17B yuan, and 5.28B yuan respectively, and equity overstated by the same amounts. These actions violate Article 3, Paragraph 1 of the “Administrative Measures for Information Disclosure by Listed Companies” (CSRC Order No. 182). According to Article 52, Item 1 of the same Measures, the Shanghai Securities Regulatory Bureau has decided to impose corrective administrative supervision measures on Shanghai Lingang.

The Decision also states that Chairman Weng Kaining is responsible for the company’s 2023 and 2024 periodic reports; the then Chairman Yuan Guohua is responsible for the 2022 periodic report; and the then President Liu Dehong is responsible for the aforementioned misconduct. All three have been issued warning letters.

Rights protection and claims collection officially begin:

According to the Securities Law and the “Provisions of the Supreme People’s Court on Several Issues Concerning the Trial of Civil Compensation Cases Arising from False Statements in the Securities Market,” listed companies that cause investor rights and interests to be damaged due to false statements shall bear civil compensation liability.

Platform rights protection lawyers believe that the rights collection period for Shanghai Lingang (600848.SH) is:

Users can register for rights protection and claims if they buy the stock between April 14, 2023, and before the market close on April 3, 2026, and hold the shares until the market close on April 3, 2026.

Required fee: Full-risk agency by lawyers, no fees charged to investors before compensation is received.

Required materials: During registration, you only need to provide basic information. After approval, you will receive a text message guiding you to connect with a lawyer. Please prepare the materials according to the lawyer’s instructions and mail them to the law firm address.

Materials include account statements, account proof, power of attorney, etc. These can be prepared in half a day, and subsequent matters will be handled by the lawyer, so you do not need to appear in person.

Rights protection and claims registration portal: Click to register

For related questions, see the rights protection guide: Click to view

Investors can search for “Rights Protection Platform” on the Tonghuashun APP to find the registration portal and participate in claims.

Claims-related inquiries

Customer Service Phone: 952555

Working hours: 9:00-11:30, 13:00-17:30

『Zhejiang Legal System News and Caowen Media, in collaboration with well-known industry lawyers, have jointly built a professional rights protection platform to provide diversified services in finance, securities, and law for small and medium investors. Tonghuashun provides technical support, customer service, and more.』

Massive information, precise analysis, all on Sina Finance App