Bestway: Chen Feng was publicly criticized by the Shenzhen Stock Exchange for violations including information disclosure violations.

Securities Star News: On April 1, publicly disclosed information from Baismei shows that Chen Feng was given a notice of criticism by the Shenzhen Stock Exchange for violating information disclosure rules and not fulfilling other duties in accordance with the law.

Detailed violations are as follows:

I. Failure to fulfill tender offer obligations as required. As of August 29, 2024, pursuant to Article 83, paragraphs 1 and 2, item 1 of the 《Administrative Measures for the Takeover of Listed Companies》 (CSRC Order No. 166), Chen Feng, as the de facto controller of Shaoxing Baismei Chemical Co., Ltd. (hereinafter referred to as Baismei or the listed company), together with Baismei’s controlling shareholder Ningbo Baismei Investment Holding Co., Ltd., Jiangsu XiHua Private Fund Management Co., Ltd. - Jiangsu XiHua Qinghe No. 2 Private Securities Investment Fund, and Shanghai YiYang Shangyuan Enterprise Management Consulting Partnership (Limited Partnership), constitute a concerted action relationship. Chen Feng and the aforementioned concerted action parties collectively hold 106,062,539 shares of Baismei, accounting for 29.37% of the total share capital of the listed company. On August 30, 2024, Chen Feng, using funds borrowed in his own name through the securities accounts of Wu Mouming and Zhong Mouhai, purchased 10,833,000 shares of Baismei by way of block trading, accounting for 3% of the total share capital of the listed company. After the above transactions were completed, Chen Feng and the aforementioned concerted action parties held 116,895,539 shares of Baismei, accounting for 32.37% of the total share capital of the listed company, triggering the tender offer obligation, but Chen Feng failed to fulfill the tender offer obligation in accordance with the regulations.

II. Concealment of changes in shareholding information. Chen Feng concealed changes in his shareholding information, resulting in false entries regarding the de facto controller’s shareholding information disclosed in Baismei’s 2024 third-quarter report, 2024 annual report, 2025 first-quarter report, 2025 half-year report, and 2025 third-quarter report.

The penalty decision is as follows:

A notice of criticism is given to Chen Feng.

The above content is compiled by Securities Star from publicly available information and generated by an AI algorithm (Cybersecurity Record No. 310104345710301240019). It does not constitute investment advice.