SHIMAO SERVICES (00873.HK): SSE disciplinary decision publicly censures Shanghai Shimao and Xu Shitan, Xu found unsuitable as director for six years

NewTimeSpace News: On 24 August 2026, Shimao Services Holdings Limited (stock code: 00873) announced that it had received a notification from Shanghai Shimao on the same day, stating that the Shanghai Stock Exchange (SSE) has issued a disciplinary decision, determining that the event constituted a breach of the applicable information disclosure laws and regulations, and publicly censuring, among others, Shanghai Shimao and Mr. Xu, as well as determining under the relevant PRC listing rules that Mr. Xu is unsuitable to serve as a director, supervisor or senior management personnel of a securities issuer for six years.

The announcement stated that, based on the information currently available, the board (other than Mr. Xu) considers that the SSE decision will not have any material adverse impact on the business and operations of the Group. The Company will continue to assess the impact of the developments and outcomes relating to the SSE decision (including the director suitability requirements under Rule 3.08 of the Listing Rules), and will update the market on any material developments, making further announcements as appropriate in accordance with all applicable laws and the Listing Rules.

Save as disclosed in this announcement, there is no information relating to Mr. Xu required to be disclosed under Rules 13.51(2)(h) to (v) of the Listing Rules, and there are no other matters relating to Mr. Xu that need to be brought to the attention of the shareholders. This announcement was made pursuant to Rule 13.51B(2) of the Listing Rules, referencing the Company's announcements dated 28 June 2026 and 3 August 2026.

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