The Shenzhen Stock Exchange has formally reprimanded Chiron Hi-Tech and its chairman Zang Zhicheng for failing to disclose a 1.5093 million-share stake held under the name “Sun Qiaomei” for seven years. Regulatory filings reveal this undisclosed equity arrangement existed since the company’s IPO, violating continuous disclosure requirements.
While the exchange’s warning letter didn’t specify Sun Qiaomei’s identity, corporate records show four individuals by that name potentially linked to Zang through overlapping business networks. These connections span real estate, construction and engineering sectors, with indirect corporate relationships to Chiron Hi-Tech via equity investments.
The regulatory action highlights China’s intensified scrutiny of undisclosed related-party transactions and nominee shareholding arrangements. Market participants note such concealed ownership structures could mask undisclosed financial relationships or control mechanisms that materially affect investor decisions.
Chiron Hi-Tech now faces pressure to clarify whether any of the four identified “Sun Qiaomei” individuals represent the undisclosed shareholder. The case underscores how China’s capital markets are enforcing stricter compliance with beneficial ownership disclosure rules, particularly for controlling shareholders and senior executives of listed companies. Analysts anticipate this enforcement trend will continue as regulators prioritize market transparency.
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