Sante Cableway received the "Preliminary Administrative Penalty Notice," and the risks related to the original controlling shareholder are being systematically cleared.

Source: Shanghai Securities News · China Securities Network

Shanghai Securities News China Securities Network reported on March 29 evening that Sante Cableway Co., Ltd. announced that on March 27, it received from the China Securities Regulatory Commission the “Advance Notice of Administrative Penalty,” in which the regulator made a pre-penalty decision regarding the issue of the original controlling shareholder’s occupation of funds. With the regulatory decision taking effect, concerns from all sectors about the company’s related historical legacy issues have been dispelled. This penalty does not fall under the regulator’s implementation of any “other risk warning” measures and will not cause the company to be designated as ST.

The fund-occupation matter involved in this penalty occurred during the period when Sante Cableway’s original controlling shareholder held control. The relevant risks were fully resolved in April 2022. The occupied funds, together with interest accrued during the occupation period, have been fully repaid in cash, and the non-operating fund-occupation situation at Sante Cableway has been eliminated.

Since Sante Cableway became state-owned asset controlled in 2023, it has, from the ground up, completed the reshaping and optimization of its governance structure. Wuhan Gaoke State-Owned Holding Group Co., Ltd., as the controlling shareholder and the largest shareholder of Sante Cableway, has continuously strengthened and solidified its control, providing strong support for the company’s development. Guided by state-owned capital, Sante Cableway’s governance system has been comprehensively standardized, strategic resolve has become even more steady, and its intrinsic value and development resilience have been significantly enhanced.

Over more than two years since state-owned capital took control, Sante Cableway has focused on its core business, pursued reform with determination, and consecutively released what are described as the best operating performance briefs in its history. Key operating indicators have achieved historic breakthroughs, and the results of high-quality development have been highlighted.

With support from the state-owned assets platform, Sante Cableway’s existing projects are accelerating iteration and coming back to life. The Guizhou Fanjing Mountain Cableway has transitioned from a transportation service to an important part of an immersive experience of non-heritage culture by introducing contextualized NPC interactive experiences. In Hainan Nanhwan Monkey Island, characteristic products such as an immersive dome-screen show and AI robot science-and-technology show have repeatedly won industry innovation awards. The Zhuhai Jingshan Cableway has successfully reshaped a new city leisure landmark by developing original IP and creating a light-and-shadow night show; since its refresh and renovation, revenue has grown by several multiples. The Zhejiang Qiandao Lake project has transformed natural landscapes into an aesthetic venue in the form of the “Land Art Exhibition,” earning net-wide communication at the level of hundreds of millions and greatly improving brand reputation. The highly anticipated strategic new project—Qiandao Lake Mu Xin Gu Ecological Tourism Comprehensive Complex—is steadily advancing according to plan… Sante Cableway is using a series of tangible changes to interpret a new development logic after state-owned capital took over.

With the systematic clearing of risks related to the original controlling shareholder, under guidance of the state-owned assets strategy, Sante Cableway will continue to consolidate its core competitive advantages in the cableway business, pursue innovative and enterprising development, actively explore new paths for high-quality development of the culture-and-tourism industry, and demonstrate a model effect of deep integration between state-owned capital and professional operations. (Cheng Wei)

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