On September 22, 2025, lawyer Xu Feng from Shanghai Jiucheng Law Firm filed investor compensation lawsuits on behalf of some investors of Shandong Hiking International Co.,Ltd. (600735) with the Qingdao Intermediate People's Court. The court has accepted the case and is currently awaiting the next hearing arrangements. The legal team continues to advance the filing of subsequent cases and is still accepting compensation mandates from other investors.
On August 27, 2025, Shandong Hiking International Co.,Ltd. (600735) announced that it received a "Decision on Ordering Corrective Measures for Shandong Xinhuajin International Co., Ltd., Xinhuajin Group Co., Ltd., and Zhang Jianhua" issued by the Qingdao Securities Regulatory Bureau. As of the disclosure date of the 2025 interim report, the non-operational occupation of company funds by Xinhuajin Group Co., Ltd. and its related parties totaled 406 million yuan. Upon investigation, Xinhuajin Group Co., Ltd., controlled by Zhang Jianhua, the actual controller of Shandong Xinhuajin International Co., Ltd., had non-operationally occupied company funds.
According to the company's disclosed "2025 Interim Report," as of the disclosure date of the 2025 interim report, the non-operational occupation of company funds by Xinhuajin Group and its related parties totaled 406 million yuan. The aforementioned actions violated Article 2, Article 3, and Item 2 of Article 5 of the "Listed Company Regulatory Guidelines No. 8 - Regulatory Requirements for Listed Company Fund Transactions and External Guarantees" (CSRC Announcement [2022] No. 26).
Lawyer Xu Feng, director of Shanghai Jiucheng Law Firm, believes that based on the comprehensive illegal facts above and according to securities law regulations, investors who purchased Shandong Hiking International Co.,Ltd. shares between May 8, 2025, and August 27, 2025, and sold or continue to hold shares after August 27, 2025, can now initiate compensation claims.
Lawyer Xu Feng has been practicing law since 2008, with professional services covering securities fraud compensation representation in areas such as false statements, insider trading, and market manipulation. Over more than ten years, he has represented investors in nearly 200 stocks who have won lawsuits or received compensation through mediation, and is currently representing compensation cases for nearly 300 stocks within the litigation limitation period, some of which have already achieved successful precedents through lawsuits and mediation. License number: 13101200810965495.
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