On February 3, 2023, the shareholder Beijing Longde Kaiyuan jointly with Beijing Zhongjin Tonghe and Beijing Zhongjin Junhe submitted the proposal "Proposal on Changing Commitments of Relevant Subjects" to be discussed in the 2023 Second Extraordinary General Meeting of Shareholders. In 2015, the issuer Shandong Xinchao Energy and Beijing Longde Kaiyuan engaged in a significant asset restructuring. On May 28, 2015, 11 former shareholders of Zhejiang Benbao Industrial Investment Co., Ltd., signed an agreement to purchase assets through the issuance of shares by Shandong Xinchao Energy.

During the restructuring process, Longde Kaiyuan agreed not to nominate candidates for directors or supervisors during its holding period. This arrangement aimed to maintain Liu Zhichen's position as the actual controller of Shandong Xinchao Energy and not to affect or change it. However, in June 2018, the ownership of the issuer Shandon Xinchao Energy changed, and Liu Zhichen ceased to be the actual controller of the issuer.

Due to these objective circumstances' changes Longde Kaiyuan applied for the right to nominate candidates for directors and supervisors.