ST Qinghai Spring received a warning letter from the Qinghai Securities Regulatory Bureau

According to the announcement from Zhitong Finance APP, *ST Qinghai Spring (600381.SH) received a notice from the Qinghai Regulatory Bureau of the China Securities Regulatory Commission (CSRC) on May 23, 2025, regarding the decision to order corrections and issue warning letters to Zhang Xuefeng, Xiao Rong, Wang Lin, and Chen Ding. It was found that Yibin Tinghua Liquor Industry Development Co., Ltd. (hereinafter referred to as Yibin Tinghua) is the producer of alcoholic products for Qinghai Spring Pharmaceutical Resources Technology Co., Ltd. (hereinafter referred to as Qinghai Spring), which made advance payments to Yibin Tinghua for purchasing its products for external sales. It was also found that the controlling shareholder of Qinghai Spring, Tibet Rong'en Technology Co., Ltd. (hereinafter referred to as Tibet Rong'en), could exert significant influence over Yibin Tinghua, making Yibin Tinghua an affiliated legal entity of Qinghai Spring. Qinghai Spring failed to disclose its relationship with Yibin Tinghua and the related party transactions, nor did it timely perform the review procedures for related party transactions. The aforementioned actions of Qinghai Spring violated Articles 2 and 48 of the "Administrative Measures for Information Disclosure of Listed Companies" (CSRC Order No. 40) and Articles 3 and 41 of the "Administrative Measures for Information Disclosure of Listed Companies" (CSRC Order No. 182). Zhang Xuefeng, the chairman of Qinghai Spring, Xiao Rong, the actual controller and then-director, Wang Lin, the financial director, and Chen Ding, the board secretary, bear primary responsibility for the violations of Qinghai Spring. Among them, Zhang Xuefeng, Wang Lin, and Chen Ding violated Articles 3 and 58 of the "Administrative Measures for Information Disclosure of Listed Companies" (CSRC Order No. 40) and Articles 4 and 51 of the "Administrative Measures for Information Disclosure of Listed Companies" (CSRC Order No. 182); Xiao Rong violated Articles 3 and 48 of the "Administrative Measures for Information Disclosure of Listed Companies" (CSRC Order No. 40) and Articles 4 and 41 of the "Administrative Measures for Information Disclosure of Listed Companies" (CSRC Order No. 182). In accordance with Article 59 of the "Administrative Measures for Information Disclosure of Listed Companies" (CSRC Order No. 40) and Article 52 of the "Administrative Measures for Information Disclosure of Listed Companies" (CSRC Order No. 182), the Qinghai Securities Regulatory Bureau decided to take administrative regulatory measures to order corrections for Qinghai Spring and issue warning letters to Zhang Xuefeng, Xiao Rong, Wang Lin, and Chen Ding, which will be recorded in the integrity archives of the securities and futures market