Shuangliang Energy Saving: Fined 4 million yuan by Jiangsu Securities Regulatory Bureau for violating information disclosure regulations.

Blue Whale News, April 3rd - Shuangliang Energy announced that the company and its controlling shareholder Shuangliang Group have received an "Administrative Penalty Decision" from the China Securities Regulatory Commission Jiangsu Regulatory Bureau. After investigation, it was found that the company and its controlling shareholder had published an article on their WeChat public account regarding receiving orders from SpaceX, but had not accurately and completely stated important information such as the small amount of the order and the fact that they were not the exclusive indirect supplier, leading to misleading statements. The Jiangsu Securities Regulatory Bureau decided to order the company to make corrections, issue a warning, and impose a fine of 4 million yuan; issue a warning and impose a fine of 2.5 million yuan on the Secretary of the Board of Directors, Yang Likang; impose a fine of 4 million yuan on the controlling shareholder Shuangliang Group; and impose a fine of 2.5 million yuan on the directly responsible person Lu Jie. The company stated that this penalty does not involve any major violations that would lead to forced delisting, and that its business activities are currently operating normally.