According to the Zhitong Finance APP, Zhejiang Xiantong (603239.SH) announced that the company recently received an administrative regulatory measure decision issued by the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission (hereinafter referred to as the 'Zhejiang Securities Regulatory Bureau') ([2024] No. 227) entitled 'Decision of Zhejiang Securities Regulatory Bureau on Issuing a Warning Letter to Li Qifu' (hereinafter referred to as the 'Warning Letter').

Upon investigation, Li Qifu, as a shareholder with more than 5% of the company's stocks, reduced his shareholding in Zhejiang Xiantong stocks through centralized bidding and block trade from August 1, 2024 to August 7, 2024, decreasing his shareholding from 26.55% to 23.69%, with a cumulative reduction of 2.86%. During this period, the cumulative change in shareholding on August 1, 2024 and August 5, 2024 reached 1%. Li Qifu failed to inform Zhejiang Xiantong in a timely manner regarding the shareholding change of 1%, resulting in Zhejiang Xiantong's delayed disclosure of the 'Supplementary Announcement on Exceeding a 1% Change in Equity of Shareholders with more than 5% of the Shares' until September 4, 2024, constituting untimely information disclosure. This behavior violated Article 13, Paragraph 3 of the 'Administrative Measures for the Acquisition of Listed Companies' (CSRC Order No. 166).