Tigermed Controllers Warned and Fined RMB 1 Million for Disclosure Violations

On the evening of September 11, 2026, Tigermed issued an announcement stating that its actual controllers, Ye Xiaoping and Cao Xiaochun, had received a warning letter from the Zhejiang Regional Office of the China Securities Regulatory Commission and a proposed combined fine of RMB 1 million for violations related to information disclosure on shareholding changes. According to the announcement, on September 20, 2019, Ye Xiaoping and Cao Xiaochun held voting shares in Tigermed whose cumulative proportion changed by 5%, but they failed to timely disclose a Simplified Equity Change Report, only supplementing the disclosure on May 12, 2026, nearly seven years later. In addition, their voluntary reduction of holdings on December 7, 2022, resulted in a 1% decrease in equity interests, which was also not disclosed in a timely manner and was only disclosed on May 12, 2026.

The Zhejiang Regional Office determined that the failure to timely disclose the equity changes violated the relevant provisions of Article 13, Paragraph 3 of the Measures for the Administration of the Takeover of Listed Companies, and decided to issue warning letters to Ye Xiaoping and Cao Xiaochun as a supervisory measure and to record the matter in the securities and futures market integrity database. According to the prior notice of administrative penalty, on September 20, 2019, the cumulative proportion of voting shares issued by Tigermed held by Ye Xiaoping and his concert party Cao Xiaochun changed by 5%, and they failed to timely disclose the Simplified Equity Change Report, only supplementing the disclosure on May 12, 2026. This is suspected of violating Article 86, Paragraph 2 of the Securities Law as amended in 2005 and Article 63, Paragraph 2 of the Securities Law as amended in 2019, constituting an information disclosure violation. Pursuant to Article 197, Paragraph 1 of the Securities Law, the Zhejiang Regional Office proposed to issue a warning to Ye Xiaoping and Cao Xiaochun and impose a fine of RMB 1 million, of which Ye Xiaoping would be fined RMB 500,000 and Cao Xiaochun RMB 500,000.

Tigermed stated in the announcement that the warning letter and the prior notice of administrative penalty concerned information disclosure matters during historical shareholding changes by the company's actual controllers. The announcement said that each reduction of holdings by the two actual controllers had been announced accordingly, and their shareholding status had also been disclosed in the company's periodic reports, and the information disclosure obligors had supplemented the disclosure of the Simplified Equity Change Report. The company also said that the aforementioned matters are unrelated to the company's operations and will not affect its normal production and business activities; as of the disclosure date of the announcement, the company's production and operations were normal. The announcement also noted that the warning letter and the prior notice of administrative penalty do not trigger the circumstances for compulsory delisting due to major violations and will not trigger other risk warning circumstances, and that the final result of the administrative penalty shall be subject to the Administrative Penalty Decision issued by the Zhejiang Regional Office.

In the first half of 2026, Tigermed recorded operating revenue of approximately RMB 3.708 billion, an increase of 14.06% from approximately RMB 3.250 billion in the same period of 2025; net profit attributable to shareholders of the listed company was approximately negative RMB 413 million, compared with a profit of approximately RMB 383 million in the same period of 2025, a year-on-year decrease of 207.78%; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was approximately RMB 278 million, up 31.78% year on year. The swing in net profit attributable to shareholders from profit to loss was mainly dragged down by non-recurring gains and losses.

In terms of main business, the company's main business revenue in the first half of 2026 was approximately RMB 3.616 billion, up 13.73% year on year. Among this, revenue from clinical trial technical services was approximately RMB 1.773 billion, up 20.68% year on year; revenue from clinical trial-related services and laboratory services was approximately RMB 1.842 billion, up 7.76% year on year. By region, domestic main business revenue was approximately RMB 2.030 billion, up 23.92% year on year; overseas main business revenue was approximately RMB 1.586 billion, up 2.90% year on year.