Fucheng Co., Ltd. was warned by the Shanghai Stock Exchange for information disclosure violations; the former chairman and secretary of the board were jointly penalized.

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Hebei Fucheng Wufeng Foods Co., Ltd. (Securities abbreviation: Fucheng Shares; Securities code: 600965) has recently received from the Shanghai Stock Exchange the “Decision on Administrative Regulatory Measures of Regulatory Warning to Hebei Fucheng Wufeng Foods Co., Ltd. and Relevant Responsible Persons” (SSE Gongjian Han [2026] No. 0039). The Shanghai Stock Exchange took regulatory warning measures against the company for violations in information disclosure. The former Chairman and General Manager, Li Liang, and the former Secretary to the Board of Directors, Li Wei, were also subject to the regulatory warning for failing to perform their duties diligently.

According to the announcement, based on the facts ascertained by the Hebei Regulatory Bureau of the China Securities Regulatory Commission’s “Warning Letter,” the Shanghai Stock Exchange determined that Fucheng Shares has two major违法违规 behaviors. First, in the company’s 2024 annual report, related parties and related-party transactions were not fully disclosed. Shanghai Fudong Long Enterprise Management Center is an enterprise controlled by Li Gaosheng, the company’s actual controller. The 2024 annual report did not disclose it as a related party, nor did it disclose the 38.70 million yuan equity transfer transaction between the company’s investment, the Huibang Fund, and Fudong Long. Second, certain related-party transactions did not timely complete the deliberation procedures and information disclosure obligations. In 2024, the company entered into purchase and sale of cattle and land sublease agreements with 10 cooperatives controlled by Li Fucheng, the actual controller. The total amount of related-party transactions reached 107 million yuan, which had exceeded 5% of the absolute value of the company’s audited net assets from the most recent period. However, the company did not promptly submit the matter to the shareholders’ meeting for deliberation. Only after the relevant transactions were completed did it convene a shareholders’ meeting on April 11, 2025 for supplementary deliberation, and made supplementary disclosure on April 12, 2025.

These actions violate the relevant provisions of the “Shanghai Stock Exchange Listing Rules for Stocks (Revised April 2024).” Li Liang, as the company’s main负责人, the first person responsible for information disclosure, and the specific负责人 for business management, and Li Wei, as the specific负责人 for the company’s information disclosure matters, failed to perform their duties diligently, thus violating the relevant provisions and the commitments made in the “Letter of Statement and Undertaking of Directors (Supervisors, Senior Management).” The Shanghai Stock Exchange stated that, regarding the violations related to regulatory warning decisions already made in the earlier period, it will not repeat handling this time.

The Shanghai Stock Exchange requires Fucheng Shares and its directors and senior management to take effective measures to rectify the relevant violations, conduct in-depth investigations to identify compliance risks in information disclosure and standardized operations, formulate targeted preventive measures, and submit an rectification report signed and confirmed by the directors and senior management within one month after receiving the decision letter. The company and relevant personnel should draw inferences from the case, strictly standardize operations in accordance with laws and regulations and listing rules, and effectively enhance the levels of information disclosure and standardized operation.

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责任编辑：Xiao Lang Express