*ST Spring (600381.SH) received a warning letter from the Qinghai Securities Regulatory Bureau

Zhitong Finance App News, *ST Spring (600381.SH) issued an announcement. On May 23, 2025, the company received the Qinghai Securities Regulatory Commission's Qinghai Securities Regulatory Measures [2025] No. 1 “Decision on Ordering Corrections to Qinghai Spring Medicinal Resources Technology Co., Ltd. and issuing warning letters to Zhang Xuefeng, Xiao Rong, Wang Lin, and Chen Ding”.

After investigation, Yibin Tinghua Liquor Industry Development Co., Ltd. (hereinafter referred to as Yibin Tinghua) is a manufacturer of alcoholic beverage products from Qinghai Spring Medicinal Resources Technology Co., Ltd. (hereinafter referred to as Qinghai Spring). Qinghai Spring prepaid Yibin Tinghua to purchase its products for foreign sales. After investigation, Qinghai Spring Holding Stock Xizang Rongen Technology Co., Ltd. (hereinafter referred to as Tibet Rongen) was able to exert a major influence on Yibin Tinghua, and Yibin Tinghua formed a Qinghai Spring related corporation. Qinghai Spring did not disclose the relationship or related transactions with Yibin Tinghua, nor did it promptly complete the related transaction review procedure.

The above acts in Qinghai Spring violate the provisions of Articles 2 and 48 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 40) and Articles 3 and 41 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 182). Chairman Zhang Xuefeng of Qinghai Spring, actual controller and current director Xiao Rong, financial director Wang Lin, and board secretary Chen Ding are mainly responsible for Qinghai Spring's above irregularities. Among them, Zhang Xuefeng, Wang Lin, and Chen Ding violated sections 3 and 58 of the “Administrative Measures on Information Disclosure of Listed Companies” (Securities Regulatory Commission Order No. 40) and the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 182); Xiao Rong violated the provisions of Sections 4 and 51 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 3) Section 48, and “Listed Company Information The provisions of Sections 4 and 41 of the “Administrative Measures on Disclosure” (Securities Regulatory Commission Order No. 182).

According to the provisions of Article 59 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 40) and Article 52 of the “Administrative Measures on Information Disclosure of Listed Companies” (CSRC Order No. 182), the Qinghai Securities Regulatory Bureau decided to take corrective administrative supervision measures against Qinghai Spring, take administrative supervision measures with warning letters against Zhang Xuefeng, Xiao Rong, Wang Lin, and Chen Ding, and record them in the securities and futures market integrity file.