Zhangzhou Development's 2026 semi-annual report has drawn investor complaints over multiple factual errors, involving three questionable points: contradictory shareholding ratios, a mismatch in the number of entities covered by environmental disclosures, and logically doubtful guarantee data. Investor Mr. Li reported to the Cai Fang Studio of Dazhong Securities News that on page 41 of the semi-annual report, in the section on post-balance-sheet events, the shareholding ratio in Lianxin Construction Investment appears as 89% and 87% in two sentences just four lines apart, and the same paragraph also mentions providing a guarantee quota of no more than 186.01 million yuan based on an 89% stake. The environmental information disclosure table on page 24 states that the number of enterprises included in the disclosure list is 10, but 11 are actually listed below, with both item 1 and item 11 being the Dongdun Sewage Treatment Plant of Fujian Zhangfa Ecological Technology Co., Ltd., a duplicate entry. The major guarantees section on page 37 shows that the amount by which total guarantees exceed 50% of net assets is 74,277.94, while four lines above it discloses that actual total guarantees account for 48.83% of the company's net assets. A veteran market participant said the guarantee data may not be directly contradictory because of different statistical scopes, but errors in basic information such as the shareholding ratio and the number of entities covered by environmental disclosures clearly reflect lax review of the announcement text, revealing loopholes in the company's internal processes, and noted that listed companies represented recently by Zijin Mining have frequently exposed low-level errors in announcements, reflecting deep-seated defects in corporate governance. According to the Shenzhen Stock Exchange's assessment measures for information disclosure by listed companies, obvious wording or data errors in annual and semi-annual reports will be counted as deduction items in the information disclosure assessment, and companies with repeated such problems may see their annual disclosure ratings affected. Zhangzhou Development stated at the beginning of the semi-annual report that the board of directors, directors and senior management guarantee that the content is true, accurate and complete. The reporter has sent a written interview request to Zhangzhou Development, but the company had not responded as of press time.
Fujian Zhangzhou Development Co LtdIts 2026 semi-annual report drew investor complaints over multiple factual errors (contradictory shareholding ratios, duplicate environmental disclosure entries, doubtful guarantee data), revealing lax review and internal governance loopholes.
Zijin Mining Group Co Ltd Class A