The “Iceberg Cold–Hot” rectification report has been issued addressing issues such as related-party transaction disclosure. Multiple measures will be completed by the end of April.

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Bingshan Lengre Technology Co., Ltd. (stock code: 000530; 200530, stock abbreviation: Bingshan Lengre; Bingshan B) released a rectification report on March 26. It disclosed specific rectification measures and progress regarding issues previously pointed out by the Dalian Securities Regulatory Bureau, including inadequate disclosure of related parties and related-party transactions, a lack of independence in corporate governance, and improper confirmation of certain revenue. The company said it will use this rectification as an opportunity to improve its corporate governance and standardized operations.

It is reported that on March 2, 2026, the Dalian Securities Regulatory Bureau took regulatory measures requiring rectification against Bingshan Lengre and the company’s Chairman Ji Zhijian and Board Secretary Song Wenbao. The company’s board of directors attached great importance to the matter, and after review and approval by the 8th meeting of the 10th session of the board, the rectification report was adopted.

The report shows that the company has four categories of issues. In terms of disclosure of related parties and related-party transactions, the company did not sufficiently consider part-time roles held by then senior executives and related-party transactions, failed to accurately identify certain related parties, and omitted related-transaction statistics. For example, from January 2019 to November 2019, while then General Manager and Deputy Chairman Ding Jie concurrently served as Chairman of Wuhan United Liben Energy Technology Co., Ltd., the company’s related-party transactions with him—sales of RMB 39.29 million and purchases of RMB 20.47 million—were not disclosed in a timely manner; from 2019 to 2021, the company carried out multiple transactions with Dalian Shentong Electrical Co., Ltd., which holds 10% of the shares of the controlling shareholder Bingshan Group, but it was not identified as a related party. To address these issues, the company will additionally confirm the relevant related-party transactions and fulfill its information disclosure obligations, improve the management of the list of related parties, and strengthen the reporting and review of part-time roles by directors and senior executives.

In terms of independence in corporate governance, the problems include employees simultaneously holding both the company’s and the controlling shareholder’s chops, overlap between some departments and the controlling shareholder, and the failure to disclose that the board secretary holds a position at the controlling shareholder. At present, the company has completed rectifications such as separating chop management and decoupling relevant departments from the controlling shareholder. The board secretary no longer holds the position of Head of the Legal Affairs Department of the controlling shareholder, and will also supplement disclosures regarding the relevant appointments in the 2025 annual report.

In addition, the company’s revenue recognition for some turnkey equipment engineering business is not standardized. From 2022 to 2024, there were cases of recognizing revenue at times not in accordance with the prescribed timing requirements, which affects the accuracy of the semiannual report data. The company will conduct a special self-audit of the financial information for the relevant reporting periods and make necessary corrections, and expects the impact on net profit to be relatively small. Regarding the duty to query integrity records, the company has already completed integrity-record queries for candidates for the board member re-election of the 10th session and will strictly fulfill the query obligation before subsequently appointing directors, supervisors, and senior management.

The following are the main issues and the status of rectification progress:

The company stated that it will deeply draw lessons, earnestly implement all rectification measures, strengthen the learning of laws and regulations by relevant personnel, and effectively safeguard the interests of the company and investors.

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Responsible editor: Xiao Lang Express