Leading Base Electric disclosed regulatory compliance over the past five years, during which it was subject to regulatory measures three times.

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Shanghai Xian Dao Ji Dian Technology Co., Ltd. (Stock Code: 600641, Stock Abbreviation: Xian Dao Ji Dian) announced on March 21 that it disclosed the circumstances of the company being subject to regulatory measures or penalties by securities regulatory authorities and stock exchanges over the past five years. The announcement shows that the company has not been penalized by securities regulatory authorities and stock exchanges in the past five years, but there were three instances of being subjected to regulatory measures.

The announcement states that the company has strictly operated in accordance with relevant laws and regulations and the requirements of the “Articles of Association” since its listing, and is committed to improving its corporate governance structure. After self-examination, the company found that there were no penalties imposed by securities regulatory authorities and stock exchanges in the past five years.

Regarding regulatory measures, the company has experienced three related incidents in the past five years, with specific situations as follows:

• On August 12, 2021, the Shanghai Stock Exchange (hereinafter referred to as “SSE”) issued a verbal warning to the company. The reason was that before the company disclosed the announcement on July 21, 2021, to carry out financial derivative business, it did not review and formulate relevant internal controls for financial derivatives through the board of directors as required by relevant rules, violating Articles 18 and 19 of the then-effective “Guidelines for Internal Control of Listed Companies on the Shanghai Stock Exchange”.

• On June 4, 2024, the China Securities Regulatory Commission Shanghai Supervision Bureau (hereinafter referred to as “Shanghai CSRC”) issued a “Regulatory Concern Letter Regarding Shanghai Wanyie Enterprise Co., Ltd.” (Hu Zheng Jian Gong Si Zi [2024] No. 221). Upon investigation, it was found that the net profit amount attributable to the owners of the parent company, which was deducted from non-recurring gains and losses, disclosed in the “2023 Annual Performance Forecast” on January 31, 2024, had a large discrepancy compared to the corresponding data disclosed in the “2023 Annual Report” on April 27, 2024. The relevant information disclosure was inaccurate and did not comply with the first paragraph of Article 3 of the “Administrative Measures for Information Disclosure of Listed Companies”. The Shanghai CSRC required the company to standardize accounting and improve the quality of information disclosure. On August 9 of the same year, the SSE issued a verbal warning to the company regarding the above matters.

• On January 20, 2026, the Shanghai CSRC issued a “Regulatory Concern Letter Regarding Shanghai Xian Dao Ji Dian Technology Co., Ltd.” (Hu Zheng Jian Gong Si Zi [2026] No. 18), pointing out multiple issues within the company, including the Articles of Association not specifying the composition and responsibilities of the specialized committees; irregularities in the convening and meeting records of the shareholders’ meeting; irregularities in the board meeting records and voting; incomplete work records of independent directors with similar performance reports; irregularities in the review process of the remuneration for directors, supervisors, and senior management; and irregularities in the registration management of insiders. The Shanghai CSRC required the company to refine and improve its Articles of Association, standardize the operation of shareholders’ meetings and board meetings, urge independent directors to perform their duties, standardize the review process of the remuneration of directors, supervisors, and senior management, and strengthen the registration management of insiders.

In response to the issues pointed out by the above regulatory measures, the company’s board of directors and management attach great importance, promptly organizing relevant departments to hold special meetings, deeply analyzing the reasons for each issue, formulating targeted rectification plans, clarifying responsible persons, measures, and completion deadlines, and establishing relevant systems as required while providing timely responses. The company stated that it will strictly abide by securities regulatory laws and regulations, consciously accept supervision from all parties, continuously improve corporate governance and standardized operations, and achieve sustainable, healthy, and stable development.

Aside from the above situations, the company has no other instances of being penalized or subjected to regulatory measures by securities regulatory authorities and stock exchanges in the past five years.

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Editor: Xiao Lang Kuai Bao