8 Listed Companies Exposed to Environmental Risks; China Railway Group Holding Company Project Built Without Approval and Fined

Daily Economic News Reporter | Liu Zhiyuan Daily Economic News Editor | Chen Junjie

The environmental impact report for the project was not approved before construction began, and China Railway Group (SH601390), a controlling company, was fined 930,000 yuan; exceeding permitted emission concentrations and releasing pollutants, San玻A (SZ000012), a controlling company, received a fine of 496,000 yuan…

In the third week of March 2026, which listed companies’ environmental protection and disclosure responsibilities lit up red? Let’s see the A-shares Green Weekly Report Issue 237.

In collaboration with the well-known NGO in the environmental field, the Public Environment Research Center (IPE), Daily Economic News has been collecting and analyzing authoritative data sources since September 2020, including environmental quality, emission records, and pollution source supervision from 31 provinces (autonomous regions, municipalities directly under the central government). Weekly, it gathers environmental information data on thousands of listed companies and tens of thousands of subsidiaries (including branches, shareholding companies, and controlling companies) in China, publishing the “A-shares Green Weekly Report.” The aim is to leverage environmental databases and professional analysis and dissemination capabilities to make environmental information in the operational activities of listed companies in the capital market more transparent.

Based on data collected in the third week of March, the Daily Economic News reporter found that a total of 8 listed companies recently exposed environmental risks.

Weekly Green Review: Construction without approval, China Railway Group’s controlling company fined

Beyond management ability, financial status, and industry competition, environmental risks are increasingly becoming a significant operational risk for listed companies. Environmental risks concern corporate development and corporate image.

Data included in this issue show that violations and risks in the ecological environment sector are linked to 8 listed companies.

The Daily Economic News reporter found that behind these 8 companies are 1,078,300 shareholders, and their investment targets are on the environmental risk list, potentially exposing them to investment risks.

Among them, China Railway Group’s subsidiary, China Railway Fourth Bureau Group Electrification Engineering Co., Ltd. (hereinafter referred to as China Railway Fourth Bureau Electrification), was fined 930,000 yuan by the Nanjing Ecological Environment Bureau for starting construction before the environmental impact report was approved.

The penalty notice issued by the Nanjing Ecological Environment Bureau, document number “Ninghuanfa [2026] 6,” states that the “Jiangsu Nanjing 500kV Sanchiu 5631 / Chaiteng 5632 Line Relocation Project” began construction in May 2025, involving 43 towers. According to the “2021 Edition of the List of Classified Management of Construction Project Environmental Impact Assessments,” this project falls under “Category 55 Nuclear and Radiation / Subcategory 161 Transmission and Transformation Projects / 500kV and above,” which requires an environmental impact report. As the construction unit, China Railway Fourth Bureau Electrification prepared the report in July 2025 (publicly available), but it had not been approved by the inspection date. According to the “Value Consultation Report” issued by Jiangsu Guoheng Zhongce Land, Real Estate, and Asset Evaluation Consulting Co., Ltd., the market value of the project involving the 500kV Sanchiu / Chaiteng power line relocation foundation and tower engineering is 66.161 million yuan.

The penalty notice also states that considering the project is a key supporting project and based on the progress and rectification of environmental assessment by China Railway Fourth Bureau Electrification, and in accordance with Article 8, Paragraphs 1 and 4 of the “Discretion Rules for Ecological and Environmental Administrative Penalties in the Yangtze River Delta Region,” the penalty amount was reduced within the statutory range. Ultimately, China Railway Fourth Bureau Electrification was ordered to immediately correct the illegal act and fined 930,000 yuan.

On March 18, the Daily Economic News reporter sent an interview letter via China Railway’s official email. On March 19, the reporter called China Railway, and the staff said they would inform relevant personnel to check the interview letter. As of the time of publication, no further response has been received.

Environmental Penalty: San玻A controlling company fined for exceeding pollutant emission standards

Data in this issue show that Anhui San玻 New Materials Technology Co., Ltd. (hereinafter referred to as Anhui San玻), a subsidiary of San玻A, was fined 496,000 yuan by Chuzhou Ecological Environment Bureau for exceeding permitted emission concentrations.

The official document from Chuzhou Ecological Environment Bureau, numbered “Wanchu Huan (Feng) Fa [2026] 14,” states that Anhui Hefe Testing Technology Co., Ltd. was commissioned to monitor Anhui San玻. On December 15, 2025, the monitoring report showed that the low-concentration particulate matter emission from the Phase I glass kiln outlet averaged 48.2 mg/m³ per hour, and ammonia was 14.6 mg/m³. The Phase II kiln outlet particulate matter was 45.1 mg/m³. On December 20, 2025, the report indicated that the Phase I kiln’s particulate matter exceeded 50 mg/m³, while the Phase II kiln’s particulate matter was 42.3 mg/m³, and ammonia was 16.9 mg/m³. On December 24 and 25, 2025, the report showed the Phase II kiln’s particulate matter was 22.6 mg/m³. The permitted emission limits for particulate matter and ammonia are 10 mg/m³ and 8 mg/m³, respectively, according to the “Pollutant Discharge Permit Management Regulations.” Based on Article 34, Item 1 of these regulations, Anhui San玻 was fined 496,000 yuan by Chuzhou Ecological Environment Bureau.

On March 18, the Daily Economic News reporter sent an interview letter via San玻A’s official email. On March 19, the reporter called San玻A, and the staff said they needed to verify the penalty details and would inform relevant personnel to respond after handling. No further response has been received as of publication.

Additionally, a penalty document recorded in Credit China, numbered “Tong 06 Huan Fa [2026] 4,” shows that Xiamen Xiangyu (SH600057) controlling company Nantong Xiangyu Marine Equipment Co., Ltd. was fined 296,000 yuan for constructing environmental protection facilities for an expansion shipbuilding project without acceptance.

On March 18, the Daily Economic News reporter sent an interview letter via Xiamen Xiangyu’s official email. On March 19, the reporter called Xiamen Xiangyu, and the staff said they would check the interview letter. No further response has been received as of publication.

(Interns Hao Yuqing, Ren Yaxuan, and Cheng Yao also contributed to this article)

If you have questions about the environmental data of this project or need to communicate regarding environmental issues on the list, please contact Blue Map.

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