Kexin Development Co Ltd Shanxi

Kexin Development disclosed that Shanxi Donghui Investment Group had already reached the 5% shareholding threshold in the company's stock as early as August 5, 2022, with a stake of 5.33%, but the relevant announcement was only released recently. Since May 2019, Donghui Group has used accounts of affiliated companies and eight employees to trade Kexin Development shares, with funds sourced from the group and its affiliates, and trading decisions made by the group. As of now, the combined accounts hold 19.6787 million shares of Kexin Development, representing a 7.50% stake. The Shanxi Securities Regulatory Bureau determined that Donghui Group failed to fulfill its disclosure obligations within three days of crossing the 5% threshold, and also failed to promptly announce when its shareholding reached 7.64%. It imposed a fine of 1 million yuan on Donghui Group, and a fine of 300,000 yuan on Sun Yajun, the directly responsible executive. The actual controller of Donghui Group, Zhang Yaping, is a well-known coal baron from Shanxi and was once the only wealthy individual in the province to own a private jet. The Shanxi Donghui Energy Group under his control has total assets of approximately 19 billion yuan, with operations spanning five major sectors: energy, non-ferrous metals, cultural tourism, agriculture, and real estate.