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On July 17, 2026, Shandong Hiking International Co., Ltd. and related personnel received a "Notice of Administrative Penalty" (document number [2026] No. 2) from the Qingdao Regulatory Bureau of the China Securities Regulatory Commission. The investigation confirmed two key violations: First, Shandong Hiking International Co., Ltd. failed to disclose related-party non-operational fund occupation in a timely manner. Second, the company's periodic reports contained major omissions and false records.
From November 2021 to June 2024, Shandong Hiking International Co., Ltd. engaged in non-operational fund occupation with its indirect controlling shareholder, Hiking Group, and its related parties. These matters were disclosed in the 2021 annual report, 2022 semi-annual report, 2022 annual report, 2023 semi-annual report, 2023 annual report, and 2024 semi-annual report, resulting in major omissions in these periodic reports.
Some shareholders may have grounds for compensation claims. According to lawyer Xu Jin (Beijing Yingke (Shenzhen) Law Firm), based on the new judicial interpretation for securities misrepresentation, the pre-procedure requirement has been explicitly abolished. Investors who suffer losses due to a listed company's false statements can file civil compensation lawsuits in a court with jurisdiction to protect their legal rights. The scope of compensable losses includes investment loss differentials, stamp duty, and commission losses.
The preliminary claim conditions are as follows: investors who purchased shares between April 29, 2022, and August 26, 2025, and sold or held them at a loss after August 27, 2025 (the final compensation result is subject to the court's judgment). Investors should prepare the following documents: a copy of their ID card, a securities account opening confirmation form (original, stamped with the securities company's business seal), and securities transaction records (from the first purchase of the stock to the present, stamped with the securities company's business seal; if inventory shares are held, the inventory count must also be printed).
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