Henan Jinma Energy Exceeds 2024 Limit for Coke Supply Contract; Pledges Stronger Controls

MT Newswires Live

Feb 05, 2025

Henan Jinma Energy (HKG:6885) exceeded the annual transaction limit under an agreement to supply coke to substantial shareholder Maanshan Iron & Steel (HKG:0323, SHA:600808) for the year 2024 by around 3.4% or 40 million yuan, a Wednesday bourse filing said.

The sales department of the company failed to identify the transactions that caused the limit to be crossed in December 2024 and subsequently delayed the relevant delivery to the next month, January.

The firm termed the incident an isolated one caused by inadvertent oversight and will take steps to strengthen its internal control measures.

These measures will include improving its transaction monitoring and approval processes, as well as training the relevant employees.

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