Shandong Hiking International Co.,Ltd. (ST新华锦, 600735) and its actual controller have been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations. The company announced on February 26, 2026, that it received a formal notice of立案 from the CSRC. The investigation into the company and its controller, Zhang Jianhua, is being conducted under the Securities Law and the Administrative Penalty Law.
Prior to this investigation, the company had already disclosed issues related to the misuse of company funds. On August 27, 2025, Shandong Hiking issued a risk warning announcement stating it had received an administrative supervision decision from the CSRC's Qingdao bureau. The Qingdao bureau found that Shandong Hiking Group, controlled by Zhang Jianhua, had engaged in non-operational fund occupation. According to the company's 2025 semi-annual report, the outstanding balance of funds occupied by Shandong Hiking Group and its affiliates amounted to 406 million yuan as of the report's disclosure date.
Attorney Niu Bin from Shanghai Baiyue Law Firm stated that, according to the Securities Law and relevant judicial interpretations, listed companies are liable for civil compensation if investors suffer losses due to information disclosure violations. Given that Shandong Hiking had previously disclosed fund occupation issues and is now under investigation for disclosure violations, affected investors may be eligible to file claims. The preliminary criteria for eligibility are: investors who purchased Shandong Hiking (ST新华锦, 600735) stock before February 26, 2026, and held the stock at the market close on that date, and who incurred losses. The final eligibility criteria are subject to the effective judgment of the court.
Required documents for filing a claim include: 1. The original statement of account for all transactions of Shandong Hiking (600735) stock, stamped by the securities company's branch office. The statement must cover all transactions from the first purchase to the printing date and show the closing share balance for current holders. 2. A copy of the investor's ID card (front and back). 3. A securities account inquiry confirmation or account opening confirmation document issued by the securities company's branch office.
Attorney Niu Bin clarifies that the pre-registration conditions are for reference only and do not constitute any investment advice. The claim conditions may be adjusted based on the final conclusions of the CSRC investigation and are ultimately determined by the court.
Comments