Suspected of short-term trading, one of the actual controllers of Xianhe Shares, Wang Minglong, has been filed for investigation.

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Economic Daily Internship reporter Wang Lingning, reporter Xia Xin, Beijing report

On the evening of April 3, Xianhe Co., Ltd. (603733.SH) issued an announcement stating that it received a notice from Wang Minglong, one of the company’s actual controllers, saying that on April 3, 2026, the China Securities Regulatory Commission issued a《Filing Notice》to him. Due to suspected short-swing trading, according to laws and regulations including the《Securities Law of the People’s Republic of China》and the《Administrative Penalty Law of the People’s Republic of China》, the CSRC has decided to file a case against Wang Minglong.

Xianhe Co., Ltd. said that this filing is specifically against Wang Minglong personally and is unrelated to the company’s daily operations and business activities. It will not affect the company’s production and business activities. During the course of the investigation, Wang Minglong will actively cooperate with the relevant investigation work of the CSRC. Xianhe Co., Ltd. will continue to monitor the progress of the above matters and will strictly fulfill its information disclosure obligations in a timely manner in accordance with relevant laws, regulations, and regulatory requirements.

According to another announcement from Xianhe Co., Ltd., on April 3, 2026, it received a notice from Wang Minglong, one of the company’s actual controllers, informing it that he received a decision issued by the Zhejiang Securities Regulatory Bureau titled《关于 Taking Corrective Measures Against Wang Minglong》.

Upon investigation, as one of the actual controllers of Xianhe Co., Ltd., Wang Minglong did not promptly inform the company that he held Xianhe Co., Ltd. shares by borrowing other people’s securities accounts, resulting in the fact that when the controlling shareholder and persons acting in concert with it jointly reached a shareholding proportion of 80%, it was not disclosed in a timely manner. The Zhejiang Securities Regulatory Bureau has decided to take regulatory supervision measures requiring Wang Minglong to make corrections and has recorded the matter in the integrity file for the securities and futures market. Because of the above violations, on April 3, the Shanghai Stock Exchange issued a regulatory warning to Wang Minglong, an actual controller of Xianhe Co., Ltd.

Relevant information shows that Xianhe Co., Ltd. is a large domestic enterprise engaged in the research, development, and production of high-performance paper-based functional materials, and has five manufacturing bases across the country. In April 2018, Xianhe Co., Ltd. was listed on the Shanghai Stock Exchange. The company’s co-actual controllers are five siblings: Wang Minliang, Wang Minwen, Wang Minqiang, Wang Minglong, and Wang Minlan. After listing, the five siblings jointly held more than 80% of the company’s shares.

Wang Minglong, who is subject to the filing investigation in this case, was born in September 1968. He has served successively as deputy general manager of Quzhou Xianhe Paper Industry Co., Ltd., and deputy general manager of Zhejiang Xianhe Special Paper Co., Ltd. He has served as deputy general manager of Xianhe Co., Ltd. since November 20, 2015. On December 30, 2025, due to personal reasons, he resigned as a non-independent director and as a member of the nomination committee of Xianhe Co., Ltd. According to the company’s 2025 third-quarter report, he holds 10 million shares of the company’s tradable shares, accounting for 1.42% of the tradable shares. He is one of the company’s actual controllers. He has a sibling relationship with Wang Minwen, Wang Minliang, Wang Minqiang, and Wang Minlan, and is a person acting in concert with Xianhe Co., Ltd.

As of the close on April 3, 2026, Xianhe Co., Ltd.’s share price was 22.05 yuan per share, and its total market capitalization was 15.6 billion yuan.

(Editor: Xia Xin; Review: Li Huimin; Proofread: Yan Jingning)

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