SNAT: Received the Administrative Supervision Measures Decision from the Shanghai Securities Regulatory Bureau

SNAT announced that the company received an administrative regulatory measures decision from the Shanghai Securities Regulatory Bureau, which pointed out that the company had issues with income misreporting and failed to review and disclose the related party relationships and transactions with Heavy Truck Hui as required. Specifically, from 2019 to 2023, the subsidiary SAIC Hongyan recognized sales revenue while the control over certain goods had not yet been transferred, resulting in inaccurate revenue-related data. At the same time, the company did not timely disclose the related party relationships and transactions with Heavy Truck Hui, and the related transactions with Heavy Truck Hui in 2021 were not reviewed by the shareholders' meeting. According to Article 52, Item 1 of the Information Disclosure Measures, the Shanghai Securities Regulatory Bureau decided to impose corrective supervision measures on the company and required it to make corrections within thirty days and submit a written report