ST Bai Ling pengendali utama, Jiang Wei, dilarang masuk pasar; dalam hampir 2 tahun hanya satu laporan riset dari Zhongyou Securities

China Economic Net Beijing March 31訊 The Shenzhen Stock Exchange website on March 27 published a decision on disciplinary actions, including public recognition, against Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd. and relevant parties.

According to the 《Administrative Penalty Decision》 issued by the Guizhou Regulatory Bureau of the China Securities Regulatory Commission (〔2026〕1号-10号) and the findings of the Shenzhen Stock Exchange, Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd. (hereinafter referred to as “ST Bailing”, 002424.SZ) and relevant parties have the following violations:

ST Bailing failed to comply with Article 9 of the 《Enterprise Accounting Standards—Basic Standards》, did not use the accrual basis as the accounting basis, and did not accrue selling expenses according to the revenue-cost-expense matching principle. ST Bailing in 2019 understated selling expenses by 350.12M yuan, overstatement profits by 350.12M yuan, accounting for 95.73% of the total profit for the current period stated in the annual report (absolute value); in 2020 understated selling expenses by 240.81M yuan, overstatement profits by 240.81M yuan, accounting for 115.35% of the total profit for the current period stated in the annual report (absolute value); in 2021 understated selling expenses by 63.79M yuan, overstatement profits by 63.79M yuan, accounting for 45.04% of the total profit for the current period stated in the annual report (absolute value); in 2023 overstated selling expenses by 459.41M yuan, understated profits by 459.41M yuan, accounting for 93.17% of the total profit for the current period stated in the annual report (absolute value). The above financial fraud caused ST Bailing’s 2019, 2020, 2021, and 2023 annual reports disclosed to contain false records.

The above conduct of ST Bailing violated Article 1.4 and Item 1 of Article 2.1.1 of the Shenzhen Stock Exchange’s 《Stock Listing Rules (August 2023 Amendment)》.

For ST Bailing’s former chairman of the board Jiang Wei, former director, general manager and secretary of the board of directors Niu Min, former director and deputy general manager Jiang Yong, former independent director and member of the audit committee Zhang Hongwu, Yang Ming, Hu Jian, former chief financial officer Li Hongxing, former executive deputy general manager Yuan Yuanzhen, and former deputy general manager Feng Jixian, they failed to diligently perform their duties and fulfill the duty of integrity and diligence, violating the Shenzhen Stock Exchange’s 《Stock Listing Rules (August 2023 Amendment)》 Article 1.4, Article 2.1.2, Item 1 of Article 4.3.1, and Article 4.3.5, and bear important responsibility for the above violations of ST Bailing.

For ST Bailing’s former chief financial officer Zheng Rong, they failed to diligently perform their duties and fulfill the duty of integrity and diligence, violating the Shenzhen Stock Exchange’s 《Stock Listing Rules (November 2018 Amendment)》 Article 1.4, Article 2.2, and Article 3.1.5, and bear important responsibility for the above violations of ST Bailing.

In view of the above facts and circumstances of the violations, and in accordance with Article 17.3 of the Shenzhen Stock Exchange’s 《Stock Listing Rules (November 2018 Amendment)》 and Articles 13.2.1 and 13.2.3 of the 《Stock Listing Rules (August 2023 Amendment)》, following deliberation and approval by the Shenzhen Stock Exchange’s self-regulatory disciplinary action review committee, the Shenzhen Stock Exchange has made the following disciplinary decision:

I. Impose a penalty of public recognition for a period of ten years during which the former chairman of the board Jiang Wei of Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd. is not suitable to serve as a director or senior management of a listed company. Jiang Wei, from the date the Shenzhen Stock Exchange made the decision, during the recognition period, in addition to being unable to continue to hold the positions of director or senior management of the original listed company, shall also not hold the positions of director or senior management of any other listed company.

II. Impose a penalty of public censure on Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd.;

III. Impose a penalty of public censure on Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd. and the following individuals: former chairman of the board Jiang Wei, former director, general manager and secretary of the board of directors Niu Min, former chief financial officer Li Hongxing and Zheng Rong, former director and deputy general manager Jiang Yong, former deputy general manager Feng Jixian, former executive deputy general manager Yuan Yuanzhen, former independent director and members of the audit committee Zhang Hongwu, Yang Ming, Hu Jian.

On the evening of March 27, ST Bailing released an announcement regarding the resignation of the chairman and the nomination of a director to act on behalf of the chairman’s duties. On March 26, 2026, the company received the written resignation report submitted by the chairman of the board Jiang Wei. For personal reasons, he applied to resign from his positions as chairman of the board, director, acting secretary of the board of directors, convener of the strategic committee under the board of directors, member of the nomination committee, member of the remuneration and performance assessment committee, and legal representative. Pursuant to relevant provisions such as the 《Company Law of the People’s Republic of China》 and the 《Articles of Association》, Jiang Wei’s resignation report becomes effective as of the date it is delivered to the board of directors. After his resignation, Jiang Wei no longer holds any position in the company.

Jiang Wei’s originally planned term was until the expiration of the Sixth Session of the Board of Directors. According to relevant provisions such as the 《Company Law of the People’s Republic of China》, the 《Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange》 and the 《Articles of Association》, Jiang Wei’s resignation will not result in the board of directors having fewer members than the statutory number, and will not adversely affect the company’s daily management and production and operations. The company will, in accordance with statutory procedures, complete as soon as possible the work of appointing additional directors, electing a new chairman, adjusting the members of special committees of the board of directors, and electing the company’s legal representative, etc.

The announcement shows that Jiang Wei is the company’s actual controller. As of the date of disclosure of the announcement, Jiang Wei holds 245,346,284 shares of the company, accounting for 17.55% of the company’s total share capital.

In the past two years, only one securities firm, Zhongjiu Securities Co., Ltd., has released research reports on ST Bailing. On July 28, 2025, Zhongjiu Securities Co., Ltd. released 《Guizhou Bailing (002424): Profitability Significantly Improves, R&D Pipeline Layout for the Long Term》, with researchers as Sheng Lihua and Long Yongmao.

(责任编辑：田云绯)