Gelonghui, April 26, 丨 Jiangxi Copper Co., Ltd. (00358.HK) announced that the company received the “Decision on Ordering Corrective Measures against Jiangxi Copper Co., Ltd.” ([2024] No. 35) from the Shandong Regulatory Bureau (“Shandong Securities Regulatory Bureau”) of the China Securities Regulatory Commission.
The content of the decision is as follows: The company obtained control of Shandong Hengbang Smelting Co., Ltd. (“Hengbang Shares”) in 2019 and became the controlling shareholder of Hengbang Co., Ltd. In March 2019 and June 2020, the company issued a “Letter of Commitment on Avoiding Competition” and a “Supplementary Commitment on Avoiding Competition” respectively, promising to transfer the company's Jiangxi gold rights to Hengbang Co., Ltd. within 12 months after completing the filing of gold reserves with the Ministry of Natural Resources, obtaining licenses such as mining permits and safe production licenses, and meeting mining conditions within 60 months from March 2019 at gold mines under Jiangxi Gold Co., Ltd. (“Jiangxi Gold”). Up to now, the company has not fulfilled the above commitments.
The above acts of the company constitute a violation of the commitments stipulated in Article 15 of the “Listed Company Regulatory Guidelines No. 4 - Listed Companies and Related Party Commitments” (Securities Regulatory Commission Notice [2022] No. 16). According to the provisions of Article 17 of the “Guidelines for the Supervision of Listed Companies No. 4 - Commitments of Listed Companies and Related Parties” (Securities Regulatory Commission Notice [2022] No. 16), the Shandong Securities Regulatory Bureau decided to take corrective administrative supervision measures against the Company and record them in the securities and futures market integrity file database.
The company shall actively take measures to carry out rectification and submit a written rectification report to the Shandong Securities Regulatory Bureau within 30 days from the date of receipt of the decision.