GCL Energy Technology Co., Ltd. and eight individuals, including actual controller Zhu Gongshan, chairman Zhu Yufeng, board secretaries Fei Zhi and Yang Erli, and financial directors Sheng Yuxin, Peng Yi, and Wang Shuhua, have been issued a circulated criticism by the Shenzhen Stock Exchange.

First, between June 2023 and October 2024, GCL Energy Technology Co., Ltd. made advance payments for fuel procurement to a third party, with the funds ultimately flowing to an affiliate under the same control as GCL Energy Technology, constituting a non-operational fund occupation by the controlling shareholder. The related funds have since been repaid. These connected transactions were not reviewed and disclosed in a timely manner, violating relevant regulations. Actual controller Zhu Gongshan orchestrated the non-operational fund occupation, bypassing the listed company's procedures for reviewing connected transactions and its information disclosure obligations. Chairman Zhu Yufeng, then vice chairman and board secretary Fei Zhi, board secretary Yang Erli, then financial director Sheng Yuxin, and financial director Peng Yi failed to perform their duties diligently and are deemed primarily responsible for these violations.

Second, between March 2023 and March 2024, GCL Energy Technology procured photovoltaic modules from its affiliate GCL System Integration Technology Co., Ltd. through Zhengdu Construction Engineering Co., Ltd. and Shanghai Zeyuxin Technology Co., Ltd. These transactions constituted connected transactions, yet the company failed to conduct timely review and disclosure procedures, violating relevant regulations. Chairman Zhu Yufeng, then vice chairman and board secretary Fei Zhi, and board secretary Yang Erli are held primarily responsible for these violations.

Third, GCL Energy Technology was found to have issues with overdue cash management of raised funds that were not reviewed and disclosed, violating relevant regulations. The then board secretary Shen Qiang and then financial director Wang Shuhua are held primarily responsible for these violations.

Fourth, inaccuracies were identified in GCL Energy Technology's special reports on the deposit and use of raised funds for the first half of 2022, the full year of 2023, and the first half of 2024, violating relevant regulations. The then financial director Sheng Yuxin and financial director Peng Yi are held primarily responsible for these violations.