ST Kaiwang announced that the company was previously issued a negative opinion due to internal control of the 2025 financial report, and other risk warnings have been implemented since May 6, 2026. As the controlling shareholder, Haiwang Group, had unpaid maturing debts to the third party, the total financial support of 1,295 billion yuan provided by the company to the third party was not repaid as scheduled. Objectively, it constituted disguised capital occupation by the controlling shareholder. As of August 28, 2026, the capital occupied the principal balance of 1,256 billion yuan. Since the opening of the company's stock market on August 31, 2026, other risk warnings have been implemented in addition. The stock abbreviation, code, and 10% daily rise and fall limit have not changed, and stock trading has not been suspended. The controlling shareholder plans to completely resolve the issue of capital utilization by December 31, 2026.

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