Fucheng Co., Ltd. received a warning letter due to information disclosure violations; related-party transactions involving 107 million yuan were not disclosed in a timely manner.

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河北福成五丰食品股份有限公司 (Stock Code: 600965, Stock Abbreviation: Fucheng Co., Ltd.) received the “Administrative Supervision Measures Decision” No. [2026] 7 issued by the Hebei Regulatory Bureau of the China Securities Regulatory Commission on March 20, 2026. The company and its chairman and general manager Li Liang, as well as board secretary Li Wei, have been subjected to administrative supervision measures in the form of a warning letter due to violations of information disclosure regulations, and they will be recorded in the integrity archives of the securities and futures market.

According to the investigation by the Hebei Securities Regulatory Bureau, Fucheng Co., Ltd. has committed two types of violations. First, the 2024 annual report did not fully disclose related parties and related transactions. The Shanghai Fubenlong Enterprise Management Center is an enterprise controlled by the company’s actual controller Li Gaosheng. The company did not disclose it as a related party in the 2024 annual report, nor did it disclose the 38.7 million yuan equity transfer transaction between the fund it invested in, Hehui Fund, and Fubenlong. Second, some related transactions did not timely fulfill the review procedures and information disclosure obligations. In 2024, the company signed agreements for the purchase and sale of cattle and leasing of land with 10 cooperatives controlled by the actual controller Li Fucheng, with a total related transaction amount of 107 million yuan, which has exceeded 5% of the absolute value of the company’s most recent audited net assets. However, the company failed to submit it to the shareholders’ meeting for review in a timely manner and only convened a supplementary meeting on April 11, 2025, after the relevant transactions were completed, and made supplementary disclosures on April 12, 2025.

The above behavior violates Article 3, Paragraph 1 and Article 41 of the “Administrative Measures for Information Disclosure by Listed Companies” (CSRC Order No. 182). Chairman and General Manager Li Liang and Board Secretary Li Wei failed to perform their duties diligently, violating Article 4 of the “Administrative Measures for Information Disclosure by Listed Companies.” According to Article 52 of the “Administrative Measures for Information Disclosure by Listed Companies,” the Hebei Securities Regulatory Bureau has decided to impose administrative supervision measures in the form of a warning letter on the company and Li Liang and Li Wei, and requires the company and the relevant responsible personnel to submit a written rectification report to the bureau within 15 days from the date of receiving the decision letter.

The company stated that it will earnestly learn from this lesson, strengthen its study of securities laws and regulations, enhance its awareness of compliance operations, fulfill its information disclosure obligations in accordance with the law, and prevent such violations from happening again. The announcement also reminds that if there is any dissatisfaction with this administrative supervision measure, an application for administrative reconsideration or litigation may be filed within the statutory period, but the execution of this administrative supervision measure will not be suspended during the reconsideration or litigation period. Investors are advised to pay attention to the company’s announcements and be mindful of investment risks.

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Editor: Xiaolang Kuai Bao