*ST Mubang and related responsible persons publicly reprimanded by the Shanghai Stock Exchange for multiple violations. The actual controller Liao Zhiyuan and others are deemed unfit to hold positions for six years.

Log in to the Sina Finance app and search 【Information Disclosure】 to view more evaluation grades

The Shanghai Stock Exchange has recently issued a decision on disciplinary action, imposing disciplinary measures on Jiangxi Mubon High-Tech Co., Ltd. (stock abbreviation: _ST Mubon, stock code: 603398) and its controlling shareholder and actual controller, as well as multiple responsible individuals including the then chairman of the board, Liao Zhiyuan. After investigation, it was found that _ST Mubon has committed multiple violations, including false entries in periodic reports and non-public offering documents, failure to disclose related-party transactions in accordance with regulations, and failure to disclose major matters in a timely manner, among other issues, with the circumstances being serious. The SSE has decided to publicly censure the company and its controlling shareholder, Jiangxi Mubon New Energy Holding Co., Ltd., and the actual controller, Liao Zhiyuan, and other 7 individuals, to issue a notice of criticism to the then secretary of the board, Liu Yi, and to publicly confirm that Liao Zhiyuan and Zhang Zhong’an have been unsuitable for a period of 6 years to serve as directors or senior management personnel of a listed company.

According to the disciplinary decision, the violations of *ST Mubon (rights protection) mainly include seven aspects. Among them, the company’s subsidiary artificially inflated profits through fictitious business arrangements, resulting in seriously inaccurate financial data for the year 2023 and the first half of 2024. Specifically, for the fiscal year 2023, it artificially inflated operating revenue by 516 million yuan, accounting for 31.17% of the operating revenue disclosed for the period; it artificially inflated total profit by 159 million yuan, accounting for 536.60% of the total profit disclosed for the period. For the first half of 2024, it artificially inflated operating revenue by 198 million yuan, accounting for 45.49%; it artificially inflated total profit by 75 million yuan, accounting for 46.50%. The related false data were also used in the company’s non-public offering documents.

Regarding the disclosure of related-party transactions, in 2024, the non-operating capital transactions between the company and the actual controller, Liao Zhiyuan, and the related party Zhang Zhong’an, had a cumulative amount of 1.204 billion yuan, accounting for 128.98% of the company’s audited net assets for the period, thereby constituting non-operating fund occupation by related parties. Among them, the amount occupied by Liao Zhiyuan was 168 million yuan, and the amount occupied by Zhang Zhong’an was 1.036 billion yuan. The company failed to disclose such related-party transactions in accordance with regulations, resulting in a major omission in the 2024 annual report. As of the end of November 2025, all the occupied funds’ principal and interest have been fully repaid.

In addition, the company also has other violations, including failure to disclose related parties and related transactions, failure to disclose major arbitration and litigation matters in a timely manner, failure to disclose progress of major contracts in a timely manner, failure of the controlling shareholder to fulfill a shareholding increase commitment, and failure to disclose the equity transfer agreement in a timely manner, among others. Among them, between December 2024 and December 2025, the company cumulatively added 140 lawsuits and arbitration matters, involving an amount of 923 million yuan, accounting for 123.98% of the company’s latest audited net assets, but the company did not disclose them in a timely manner. Mubon Holding, the controlling shareholder, had pledged to increase its shareholding in the company by between 50 million yuan and 100 million yuan, but ultimately did not implement any shareholding increase.

For the above-mentioned violations, the SSE has determined that *ST Mubon and the relevant responsible parties severely violated the relevant requirements on information disclosure and standardized corporate governance. Liao Zhiyuan, as the company’s actual controller and the then chairman and general manager, organized and directed the implementation of the unlawful conduct, and is the directly responsible person in charge for the related unlawful violations; Zhang Zhong’an, as the then chairman of the subsidiary, Tang Xiaochun, as the then chief financial officer, Zhang Zhonghua and Huang Meiliang, as the then general manager and chief financial officer of the subsidiary, respectively, all bear responsibility for the related unlawful conduct.

This disciplinary action will be notified to the China Securities Regulatory Commission and the Jiangxi Provincial Local Financial Regulatory Administration, and will be recorded in the database of credit records for the securities and futures market. *ST Mubon must, within one month after receiving the decision letter, submit a rectification report signed and confirmed by all directors and senior management personnel, and effectively improve its information disclosure and standardized corporate governance level.

Click to view the full text of the announcement>>

Statement: There are risks in the market; invest cautiously. This article is automatically published by an AI large model based on third-party databases and does not represent views of Sina Finance. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there is any discrepancy, the actual announcement shall prevail. If you have any questions, please contact biz@staff.sina.com.cn.

A massive amount of information and precise analysis—right on the Sina Finance app

Responsible editor: Xiao Lang Kuaibao