Tianyuan Pets received a regulatory letter from the Shenzhen Stock Exchange for violating regulations in cash management of idle raised funds

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Hangzhou Tianyuan Pet Products Co., Ltd. (hereinafter referred to as “Tianyuan Pet”) recently received a regulatory letter issued by the Management Department of the Shenzhen Stock Exchange’s Growth Enterprise Market, due to violations in the review process and disclosure obligations while using some temporarily idle raised funds for cash management. The company’s chairman and president Xue Yuanchao, board secretary Ye Qing, and financial director Zhang Zhongping were also named for failing to perform their duties diligently.

The regulatory letter pointed out that Tianyuan Pet held the 26th meeting of its third board of directors on January 14, 2025, where it reviewed and approved the proposal on “Using Part of the Temporarily Idle Raised Funds for Cash Management,” agreeing to use a maximum of no more than 600 million yuan of temporarily idle raised funds for cash management, with a validity period of 12 months from the date of board approval. However, after this period expired, the company continued to use part of the raised funds for cash management, and only convened a board meeting to review the relevant proposals and confirm the cash management situation after the expiration on February 6, 2026.

The Shenzhen Stock Exchange believes that Tianyuan Pet’s above actions violate Article 1.4 of the “Rules for the Listing of Stocks on the Growth Enterprise Market (2025 Revision)” and Article 6.3.6 of the “Normative Operations of Listed Companies on the Growth Enterprise Market (2025 Revision).” At the same time, the chairman and president Xue Yuanchao, board secretary Ye Qing, and financial director Zhang Zhongping failed to perform their duties diligently, urging the listed company to standardize the use of raised funds and fulfill its information disclosure obligations, which violated Article 1.4 and Article 4.2.2 of the “Rules for the Listing of Stocks on the Growth Enterprise Market (2025 Revision).”

The Shenzhen Stock Exchange requires Tianyuan Pet and the relevant personnel to take the above issues seriously, learn from the lessons, rectify in a timely manner, eliminate the recurrence of similar problems, and reminds the listed company that it must fulfill its information disclosure obligations seriously and timely according to national laws, regulations, and exchange rules. All members of the board of directors must ensure that the content of the information disclosure is true, accurate, and complete, with no false records, misleading statements or major omissions, and bear individual and joint liability for their guarantees.

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Editor: Xiao Lang Quick Report