GAD Environmental shareholder Liu Qingsong received a warning letter from the Shenzhen Securities Regulatory Bureau
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According to the Zhitong Finance APP, GAD Environmental announced that on September 19, 2025, it received the administrative regulatory measures decision letter from the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission titled "Decision on Taking Warning Letter Measures Against Liu Qingsong." Liu Qingsong holds more than 5% of the company's shares, and when his shareholding ratio decreased to an integer multiple of 5% on July 21, 2025, he failed to timely fulfill the reporting and announcement obligations and did not legally cease trading
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