A fund occupation crisis orchestrated by the actual controller has pushed this listed company to the brink of delisting.
**Fund Occupation Issue Emerges**
Shandong Hiking International Co.,Ltd. has recently fallen into a serious fund occupation crisis. As of the disclosure date of the 2025 semi-annual report, Shandong Hiking International Group Co., Ltd. and its affiliated parties had a non-operating fund occupation balance of up to 406 million yuan, a figure equivalent to a considerable proportion of the company's net assets.
The crisis erupted on August 26, 2025, when Shandong Hiking International issued an announcement disclosing that the company had received an "Administrative Supervisory Measures Decision" from the Qingdao Securities Regulatory Bureau. Subsequently, the company's stock price plummeted dramatically, causing unwarranted losses to investors and triggering compensation claims.
Legal professionals indicate that investors who purchased shares between May 8, 2025, and August 26, 2025, and sold after August 27, 2025, or still hold shares with losses, may be eligible to join compensation claims.
**Delisting Risk Present**
All occupied funds are required to be returned within six months from the date of receiving the "Administrative Supervisory Measures Decision."
However, according to progress announcements issued consecutively on September 10 and September 23, Shandong Hiking International Group and its affiliated parties have returned a cumulative total of 0 yuan in occupied funds, with the non-operating fund occupation balance remaining at 406 million yuan. The slow progress in fund recovery has intensified market concerns.
In the September 23 announcement, the company mentioned the possibility of being subject to other risk warnings and delisting risk warnings. This series of regulations forms a clear delisting timeline, creating enormous time pressure for Shandong Hiking International.
**Recovery Plan**
Regarding the recovery plan, Shandong Hiking International Group is actively advancing the equity transfer of Shandong Jimo Yellow Wine Factory Co., Ltd. If Tsingtao Brewery pays the 6.65 billion yuan equity transfer payment, the company's major shareholder would be able to use these funds to repay the amounts owed to the listed company. Meanwhile, the company continues to urge Shandong Hiking International Group to accelerate the revitalization and disposal of other assets, raise funds through multiple channels, and quickly clear the occupied funds.
Whether the company can recover the 406 million yuan within the deadline will determine the fate of the company's stock. Investors who suffered losses during the aforementioned period have the right to file compensation claims.
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