Securities Code: 000677 Stock Abbreviation: ST Hengan Announcement No.: 2026-037 Hengan Marine Heavy Industries Co., Ltd. Announcement on Abnormal Stock Trading Fluctuations The Company and all members of the Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed in this announcement, without any false records, misleading statements, or material omissions.
Risk Warning:
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Hengan Marine Heavy Industries Co., Ltd. (hereinafter referred to as the "Company") plans to acquire no less than 40% of the equity of Xi'an Qunjian Aviation Precision Manufacturing Co., Ltd. through its wholly-owned subsidiary Beijing Duofu Hengan Aviation Flying Control Technology Co., Ltd. with cash. The transaction is currently in the due diligence phase, and there may be risks of uncertainty in the transaction progress, investment decision adjustment risks, and business integration and operational risks.
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Regarding the lawsuit filed by Weifang Guoheng Industrial Development Group Co., Ltd. against the Company for disputes over benefits and liabilities, the Company has been actively communicating with its subsidiary Shandong Hengan Borayte Chemical Fiber Co., Ltd. (hereinafter referred to as "Borayte") and other shareholders of Borayte regarding repayment and execution. The case has entered the execution phase. If the Company cannot reach an agreement with the minority shareholders of Borayte on the dividend distribution plan for Borayte to its shareholders, or if the special financing approval from financial institutions is not obtained and funds are not available in a timely manner, the Company will face the risk of being unable to repay the debt on time and in full. In this case, the Company's equity in Borayte may be subject to judicial compulsory enforcement. Once the equity is auctioned, the Company may lose control of Borayte. Given that Borayte is the Company's core operating entity and its main source of revenue and profit, losing control will directly lead to the significant risk of the Company losing its main business, thereby having a major adverse impact on the Company's sustainable operating capability.
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According to Article 9.4.1 of the "Shenzhen Stock Exchange Stock Listing Rules," if a listed company falls under any of the following circumstances, the Exchange will issue a delisting risk warning for its stock trading: (6) The financial report's internal control is audited with a disclaimer of opinion or a negative opinion for two consecutive accounting years, or the internal control audit report of the financial report is not disclosed in accordance with regulations. If the Company's internal control audit for the 2026 fiscal year receives a disclaimer of opinion or a negative opinion, the Company's stock trading will be subject to a delisting risk warning.