*ST Mubang and related responsible persons publicly reprimanded by the Shanghai Stock Exchange; actual controllers Liao Zhiyuan and others deemed unfit to serve as directors, supervisors, or senior management for 6 years

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The Shanghai Stock Exchange has recently issued a disciplinary decision to Jiangxi Mubang Hi-Tech Co., Ltd. (stock abbreviation: *ST Mubang (rights protection), stock code: 603398) and other responsible parties, due to multiple violations by the company, including information disclosure and standardized operations. The disciplinary decision imposes disciplinary action on the company, its controlling shareholder, its actual controller, and then-sitting directors including 廖志远, among several other responsible individuals. In particular, 廖志远 and his subsidiary’s then-sitting chairman, 张忠安, were publicly identified as unfit to serve as a director or senior management personnel of a listed company for 6 years.

According to the disciplinary decision, *ST Mubang’s violations mainly include seven aspects. First, there were false statements in the periodic reports and non-public offering documents. In 2023 and the first half of 2024, the company, through its subsidiaries, fabricated business activities, which respectively overstated operating revenue by 5.16 billion yuan and 1.98 billion yuan, overstated total profit by 1.59 billion yuan and 0.75 billion yuan, and the proportion of overstated profit to the total profits disclosed for the relevant period was as high as 536.60% and 46.50%. As a result, the relevant annual reports and non-public offering documents contain false statements.

Second, related-party transactions were not disclosed as required. In 2024, the non-operating funds between the company and its actual controller, 廖志远, and related party, 张忠安, had a cumulative amount of 1.204 billion yuan, accounting for 128.98% of the company’s audited net assets for the current period. This constitutes non-operating funds occupied by a related party; however, the company failed to disclose it in a timely manner as required, leading to a major omission in the 2024 annual report. By the end of 2024, the outstanding balances of funds occupied by 廖志远 and 张忠安 were 0.107 billion yuan and 0.045 billion yuan, respectively. The above occupied funds and interest were fully repaid by the end of November 2025.

Third, related parties and related-party transactions were not disclosed. Zhejiang Baozhimeng Trading Co., Ltd., controlled by the company’s actual controller, 廖志远, is a related party of the company. Although related-party transactions occurred between the two parties in 2023, the company did not disclose them.

Fourth, material arbitration and litigation matters were not disclosed on time. Between December 2024 and December 2025, the company and its subsidiaries added a total of 140 lawsuits and arbitration cases, involving a total amount of 0.923 billion yuan, accounting for 123.98% of the company’s most recently audited net assets. The company disclosed the relevant situation only on December 20, 2025; prior to that, it failed to fulfill disclosure obligations in a timely manner.

Fifth, material contract progress was not disclosed on time. The 10GW TOPCON photovoltaic cell production base project signed between the company and the People’s Government of Wuzhou in 2022 involved important subsequent developments such as the disbursement and refund of 510 million yuan in fiscal subsidies, the signing of supplementary agreements, and breaches of contract. The company failed to disclose those developments in a timely manner.

Sixth, the controlling shareholder failed to fulfill a shareholding increase commitment. In August 2024, the controlling shareholder of the company, Jiangxi Mubang New Energy Holding Co., Ltd., announced a plan to increase its shareholding within 12 months by an amount no less than 50 million yuan and no more than 100 million yuan. However, by the end of the commitment period in August 2025, the cumulative amount of share purchases was 0 yuan, and the shareholding increase plan was not completed.

Seventh, an equity transfer agreement was not disclosed. In January 2024, the controlling shareholder signed a share transfer agreement with Tongling High-tech Qihang Equity Investment Partnership (the Enterprise) and involved transferring 17.817 million shares of the company. The company did not disclose this major matter until June 2025.

The SSE stated that the above conduct of *ST Mubang seriously violated relevant regulations on information disclosure, and the controlling shareholder’s failure to fulfill the shareholding increase commitment seriously affected investors’ reasonable expectations. 廖志远, as the company’s actual controller and the then-sitting chairman and general manager, organized and instructed the implementation of illegal acts, and is the person directly responsible for the relevant illegal conduct; 张忠安, as the then-sitting chairman of a subsidiary, 汤晓春, as the company’s then-sitting chief financial officer, and 张忠华 and 黄美亮, as the then-sitting general manager and chief financial officer of a subsidiary, bear responsibility for the relevant illegal conduct; and 刘毅, as the then-sitting secretary to the board of directors, is responsible for the failure to disclose information in a timely manner.

Based on the facts and circumstances of the violations, the SSE decided to publicly admonish *ST Mubang, the controlling shareholder Jiangxi Mubang New Energy Holding Co., Ltd., the actual controller and then-sitting chairman 廖志远, the then-sitting chief financial officer 汤晓春, the then-sitting chairman of the subsidiary 张忠安, the then-sitting general manager of the subsidiary 张忠华, and the then-sitting chief financial officer of the subsidiary 黄美亮. It will also issue a notice of criticism to then-sitting secretary to the board of directors 刘毅; and it publicly determined that 廖志远 and 张忠安 are unfit to serve as directors or senior management personnel of listed companies for 6 years. The related disciplinary measures will be circulated to the China Securities Regulatory Commission and the Jiangxi Provincial Local Financial Administration, and will be recorded in the database of integrity archives for the securities and futures market.

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