Xuetian Salt Industry issued a correction announcement on the evening of September 13 for its major asset restructuring transaction plan, revealing that Liu Gejun, a director of the target company Hebei Kuntian New Energy Co., Ltd., has been placed under investigation by the China Securities Regulatory Commission for suspected personal insider trading. Previously, on the evening of September 11, Xuetian Salt Industry disclosed plans to purchase 100% of Kuntian New Energy shares held by 54 counterparties including Song Zhitao and Liu Gejun through a combination of share issuance and cash payment, while also raising supporting funds, as a way to enter the lithium battery anode materials sector and strengthen its second growth curve. Liu Gejun holds 35.1858 million shares of the target company, representing a 9.77% stake and making him the second-largest shareholder. In the original plan, he had pledged that he had not been subject to administrative regulatory measures by the China Securities Regulatory Commission in the past five years, but the corrected commitment letter shows that he was placed under investigation by the commission on March 20, 2026. The investigation concerns his personal trading in shares of other companies, does not involve trading in Xuetian Salt Industry shares, and is unrelated to this transaction. The investigation is still ongoing, no clear conclusion has been reached, and he has not received any administrative penalty decision or been held criminally liable. According to unaudited financial data, Kuntian New Energy's operating revenue for 2024, 2025, and January to June 2026 was 1.29 billion yuan, 1.997 billion yuan, and 1.412 billion yuan respectively, while net profit was negative 66.1727 million yuan, negative 32.5868 million yuan, and 120 million yuan respectively. The company expects its total production capacity to expand to no less than 500,000 tons in the future, and after reaching full production it is expected to achieve an industrial output value of over 10 billion yuan. Xuetian Salt Industry will resume trading on September 14.
Snowsky Salt Industry Group Co LtdCorrection reveals target-company director Liu Gejun is under CSRC investigation for insider trading, clouding the restructuring plan Xuetian Salt is pursuing to enter anode materials.
Director and second-largest shareholder Liu Gejun is under CSRC investigation for suspected personal insider trading, and the target's financials show net losses in 2024 and 2025.
