13 Listed Companies Exposed Environmental Risks; China Energy Construction Holdings’ Subsidiary Was Fined About 2.87 Million Yuan｜Green A-Share Weekly

Construction started without obtaining the relevant approvals, causing damage to forest land; China Energy Engineering (SH601868)’s controlling company was fined about CNY 2.87 million; Jingrui Electric Materials (SZ300655) was issued a CNY 271,000 fine for failing to store hazardous waste according to relevant standards⋯⋯

From the fourth week of March to the first week of April 2026, which listed companies’ environmental protection and disclosure responsibilities turned red? See A-share Green Weekly Report No. 238.

In collaboration with IPE, a well-known NGO in the environmental field, since September 2020, based on authoritative data sources including environmental quality, environmental emissions, and pollution-source regulatory records released by the governments of 31 provinces (autonomous regions and municipalities directly under the central government) and 337 prefecture-level cities, the project collects and analyzes environmental information data every week for thousands of listed companies in China and tens of thousands of their affiliated companies (including subsidiaries, equity-accounted investees, and controlling companies). It releases the “A-share Green Weekly Report,” aiming to make environmental information in the business activities of listed companies in the capital market more open and transparent by leveraging an environmental database and the capabilities for professional analysis and dissemination.

Based on the data collected from the fourth week of March to the first week of April, reporters from the Daily Economic News found that a total of 13 listed companies exposed environmental risks recently.

Green Watch of the Week: Unauthorized construction causing damage to forest land

China Energy Engineering’s controlling company was fined

Apart from factors such as corporate governance capability, financial condition, and industry competition, environmental risks are increasingly becoming one of the key operating risks for listed companies. Environmental risk concerns not only the company’s development, but also its image.

Distribution of listed companies covered in the environmental risk ranking (from the fourth week of March to the first week of April)

The data included in this edition show that risk information such as violations of laws and regulations in the ecological and environmental field is linked to 13 listed companies. Among them, 6 are state-owned enterprises under state-owned control.

Reporters from the Daily Economic News reviewed and found that behind 8 listed companies there are 1.5008 million shareholders; with the investment targets appearing on the environmental risk ranking, they may face investment risks.

Notably in this edition, China Energy Engineering’s controlling company, China Energy Construction Group Yunnan Electric Power Design Institute Co., Ltd. (hereinafter referred to as Yunnan Design Institute), was fined about CNY 2.8677 million by the Kaiyuan City Comprehensive Administrative Law Enforcement Bureau because a project started construction without the relevant approvals and caused damage to forest land.

A penalty decision document with the case reference number “Kai Comprehensive Punish Decision Character [2025] No. 0003,” recorded by China’s Credit (the official credit information platform), shows that on January 20, 2024, Yunnan Design Institute, as the contractor, signed an “EPC Contract for the Double-Shi Line High-Voltage Overhead Transmission Line Project of the Hongqiao Kaiyuan New Energy Co., Ltd. Photovoltaic Power Generation Project” with Hongqiao Kaiyuan New Energy Co., Ltd. Yunnan Design Institute was responsible for constructing the high-voltage overhead transmission line from the Zhonghe Town Xiaoshiyan Village Committee area to the Xiangshui Village Committee area within Kaiyuan City. Without obtaining the “Forest Land Use Approval Agreement” (permanent/temporary) issued by the forestry competent department and without completing approval procedures, Yunnan Design Institute proceeded with unauthorized construction. By building permanent tower bases, construction access roads, and other measures, it caused extensive damage to forest land within the jurisdiction of Zhonghe. On November 24, 2025, after an appraisal by the Honghe Honglin Judicial Appraisal Center, it was determined that for the photovoltaic power generation project of Hongqiao Kaiyuan New Energy Co., Ltd., the double-shi line high-voltage overhead transmission line from the Zhonghe Town Xiaoshiyan Village Committee area to the Xiangshui Village Committee area in Kaiyuan City occupied a total area of 88.84 mu of forest land and grassland on site, and the area permanently occupied by the tower bases was 6.79 mu. The current situation shows that trees and saplings have been planted over 69.78 mu, and grass seeds have been scattered over 7.01 mu. The area severely damaged on site is 5.9 mu. Pursuant to the relevant provisions of the “Forest Law of the People’s Republic of China” and the “Yunnan Provincial Forestry and Grassland Administrative Penalty and Administrative Compulsion Discretion Benchmarks” (2023 edition, for forestry administration resources category), Yunnan Design Institute was ordered by the Kaiyuan City Comprehensive Administrative Law Enforcement Bureau to stop its unlawful conduct and was fined in total of about CNY 2.8677 million. The date of the penalty decision was March 11.

On April 1, reporters from the Daily Economic News sent an interview request letter via the public email account of China Energy Engineering. On April 2, the reporters called China Energy Engineering; the operator said it would check the details of the penalty and retrieve the interview request letter. As of the time of publication, the reporter had not received any further response.

In this edition, a penalty decision document with the case reference number “Lai Xiang Huan Punish [2026] No. 3,” published on the official website of the People’s Government of Xiangzhou County on April 1, shows that the connection piping of the flue gas pollution control facilities for the boiler of Guangxi Jiadebao Household Articles Co., Ltd., a controlling company of JiaLian Technology (SZ301193) (hereinafter referred to as Guangxi Jiadebao), was severely damaged. The piping had multiple points that were punctured and leaked, causing flue gas to escape and disperse before entering the wet-film dust removal facility. Some of the damaged and cracked lengths reached 40 centimeters. A large amount of flue gas was discharged to the external environment without being treated by the wet-film dust collector and the electrostatic dust collector, and the pollution control facilities were unable to function normally. According to the environmental approval requirements for the Guangxi Jiadebao project, boiler exhaust gas should be treated by a wet electrostatic dust removal facility and then discharged through the smokestack. Pursuant to Item 3 of Article 99 of the “Law of the People’s Republic of China on the Prevention and Control of Air Pollution,” Guangxi Jiadebao was fined about CNY 222,900 by the Ecology and Environment Bureau of Laibin City.

On April 1, reporters from the Daily Economic News sent an interview request letter via the public electronic mailbox of JiaLian Technology. On April 2, the reporters called JiaLian Technology; the operator said it would report the relevant situation to higher authorities. As of the time of publication, the reporter had not received any further response.

Environmental penalties:

Jingrui Electric Materials was fined for not storing hazardous waste according to standards

Based on the data included in this edition, Jingrui Electric Materials was fined CNY 271,000 by the Suzhou Ecology and Environment Bureau for failing to store hazardous waste in accordance with relevant standards.

A penalty decision document with the case reference number “Suzhou Huan Xing Punish Character [2026] No. 4,” recorded by China’s Credit (the official credit information platform), shows that Jingrui Electric Materials was fined CNY 271,000 by the Suzhou Ecology and Environment Bureau pursuant to Item 6 of Paragraph 1 and Paragraph 2 of Article 112 of the “Law of the People’s Republic of China on the Prevention and Control of Environmental Pollution by Solid Waste,” for failing to store hazardous waste in accordance with national environmental protection standards.

On April 1, reporters from the Daily Economic News sent an interview request letter via the public electronic mailbox of Jingrui Electric Materials. On April 2, the reporters called Jingrui Electric Materials; the operator said that, based solely on the amount of the penalty, the penalty had not reached the standard for temporary disclosure of relevant information. They also said they would retrieve the interview request letter. As of the time of publication, the reporter had not received any further response.

In addition, a penalty decision document with the case reference number “Yue Huan Punish Decision Character [2026] No. 6,” recorded by China’s Credit, shows that Lier Chemical (SZ002258)’s controlling company, Hunan Bide Biological Technology Co., Ltd., under normal production conditions, had a volatile organic matter concentration in discharged waste gas of 141 milligrams per cubic meter, which exceeded the permitted concentration limit in its pollutant discharge permit (120 milligrams per cubic meter) by 0.175 times. It violated Article 17, Paragraph 2 of the “Regulations on the Administration of Pollutant Discharge Permits,” and was ordered by the Ecology and Environment Bureau of Yueyang City to correct its ecological and environmental violations, and was fined CNY 100,000.

On April 1, reporters from the Daily Economic News sent an interview request letter via the public electronic mailbox of Lier Chemical. On April 2, the reporters called Lier Chemical; the operator said it had not yet received information about the penalty and that after the subsidiary reports it, Lier Chemical would follow up on the penalty details as soon as possible. They also said it would retrieve the interview request letter and forward it to the relevant leaders. As of the time of publication, the reporter had not received any further response.

In recent years, as ESG (environmental, social and corporate governance) investment concepts have gradually gained traction, investors have paid increasing attention to companies’ ability to achieve sustainable development. The environmental responsibilities associated with financial and strategic investments by listed companies should also be emphasized; therefore, environmental data of companies in which they directly or indirectly hold equity has been included in the A-share Green Reporting Project database.

It should be noted that the public disclosure of environmental information data depends on continuous improvements in the level of environmental regulatory information disclosure. From the 2008 “Measures for the Disclosure of Environmental Information (Trial)” to the newly revised “Environmental Protection Law of the People’s Republic of China,” Chapter Five specifically establishes “Information Disclosure and Public Participation,” providing guarantees for information disclosure from the standpoint of institutional development.

Relevant laws and regulations stipulate that citizens, legal persons, and other organizations enjoy, in accordance with law, the right to obtain environmental information, participate in and supervise environmental protection. Environmental protection competent departments of people’s governments at all levels and other departments entrusted with environmental protection supervision and administration duties shall, in accordance with law, publicly disclose environmental information and improve public participation procedures, providing convenience for citizens, legal persons, and other organizations to participate in and supervise environmental protection.

The “2018–2019 Annual 120-City Pollution Source Regulatory Information Disclosure Index (PITI) Report” compiled by IPE and the Natural Resources Defense Council (NRDC) also points out that environmental information has gradually become a principle recognized by governments and society: “disclosure is the norm, and non-disclosure is the exception.”

If you have questions about the environmental data for this project, or need to communicate feedback regarding environmental issues covered in the ranking, please contact the Blue Map.

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