Best Beauty's Actual Controller Chen Feng Receives Administrative Penalty Pre-notification Notice with Total Proposed Fine of 4.5 Million Yuan

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Shaoxing Baismei Chemical Co., Ltd. (Stock abbreviation: Baismei, Stock code: 300796) announced on March 16th that the company’s actual controller, Chen Feng, received an “Administrative Penalty Notice of Prior Notification” issued by the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission. Due to suspected violations of mandatory bid obligations and information disclosure violations, the Zhejiang Regulatory Bureau plans to impose a total fine of 4.5 million yuan.

The announcement shows that Chen Feng’s violations mainly include two aspects. First, failing to fulfill mandatory bid obligations as required. As of August 29, 2024, Chen Feng and his concerted actors held a total of 106,062,539 shares of Baismei, accounting for 29.37% of the company’s total share capital. On August 30, 2024, Chen Feng purchased 10,833,000 shares through another person’s securities account via block trade, representing 3% of the total share capital. After the transaction, his total shareholding reached 32.37%, triggering the obligation to make a mandatory bid, but Chen Feng did not fulfill this obligation as required. Second, concealing changes in shareholding information, leading to false disclosures of the actual controller’s shareholding information in Baismei’s 2024 annual report and 2025 semi-annual report.

In response to the above violations, the Zhejiang Regulatory Bureau plans to make the following penalty decisions:

Baismei stated that the above matters involve the company’s actual controller, Chen Feng, and do not involve the listed company or current directors and senior management. It will not affect the company’s normal production and operation activities. The company’s current management, business operations, and financial condition are normal. At the same time, this matter does not involve any major illegal delisting situations or other risk warnings stipulated by the “Shenzhen Stock Exchange Growth Enterprise Market Stock Listing Rules.” The company will continue to monitor the progress of related matters and strictly fulfill its information disclosure obligations.

The final result of this administrative penalty is subject to the “Administrative Penalty Decision” issued by the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission.

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Editor: Xiao Lang Kuai Bao