Air China Cargo and Relevant Responsible Parties Receive Warning Letter for Failure to Timely Disclose Changes in Vessel Contract for Fundraising Investment Project

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Fujian GuoHang Ocean Transportation (Group) Co., Ltd. (Stock Code: 920571, Stock Abbreviation: GuoHang Ocean) announced on March 19 that the company, Chairman and President Wang Yanping, and Secretary of the Board He Zhiqiang received the “Administrative Supervision Decision” issued by the Fujian Regulatory Bureau of the China Securities Regulatory Commission on March 18. The reason was the failure to disclose the change of relevant ship contracts for the fundraising project in a timely manner. These entities were issued a warning letter as an administrative supervision measure and recorded in the integrity file of the securities and futures market.

The announcement shows that in July 2025, two subsidiaries of GuoHang Ocean, Guoyuan Fanjin Co., Ltd. and Guoyuan Xincheng Co., Ltd., signed the “Ship Construction Contract Transfer Agreement” and corresponding “Financial Leasing Contracts” respectively with a financial leasing company and Wuhu Shipbuilding Co., Ltd. The contracts involve two ships under construction, each with a deadweight tonnage of 89,000, for the “Dry Bulk Cargo Ship Purchase Project” of the fundraising project. According to the agreements, the buyers of the two ships were changed from Guoyuan Fanjin and Guoyuan Xincheng to Xinjin Wuhao (Tianjin) Ship Leasing Co., Ltd. and Xinjin Liuhao (Tianjin) Ship Leasing Co., Ltd., respectively, with other terms also adjusted accordingly. However, the company did not disclose these matters in the “Special Report on the Deposit, Management, and Actual Use of Raised Funds” disclosed in August 2025.

The Fujian Securities Regulatory Bureau pointed out that the above situation violated Article 16 of the “Regulations on the Supervision of Fundraising by Listed Companies” and Article 3 of the “Measures for the Administration of Information Disclosure by Listed Companies.” Chairman and President Wang Yanping and Secretary He Zhiqiang failed to perform their duties diligently, violating Article 52, Paragraph 2 of the “Measures for the Administration of Information Disclosure,” and are responsible for the misconduct.

According to Articles 19 of the “Regulations on the Supervision of Fundraising” and 53 of the “Measures for the Administration of Information Disclosure,” the Fujian Securities Regulatory Bureau decided to issue warning letters to the company, Wang Yanping, and He Zhiqiang, and record the measures in the securities and futures market integrity file. The company is required to submit a written rectification report to the bureau within 30 days of receiving the decision; Wang Yanping and He Zhiqiang should strengthen their study of securities laws and regulations and earnestly fulfill their duties of diligence and responsibility.

GuoHang Ocean stated that it sincerely apologizes to investors for the above issues. The company will learn from the experience, improve corporate governance, strengthen internal control systems, enhance the quality of information disclosure, strictly comply with relevant laws and regulations, and perform information disclosure obligations truthfully, accurately, completely, timely, and fairly. As of the date of this announcement, the company’s operations and business are normal, and the above matters will not have a significant impact on the company’s production and operation.

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Editor: Xiao Lang Kuai Bao