Zijin Mining, a company generating hundreds of billions in revenue, has stumbled over a few elementary typos. Recent reports have revealed that its latest half-year report contains three separate text errors, including misspelled government and bank names, and a particularly glaring mistake where the character for "energy" was replaced with one for "bear" in a corporate title. Investors have pointed out that some of these errors are not new, having persisted in annual reports for six years.
For instance, the erroneous term "RMB Government" appears repeatedly in past reports, with the earliest instance tracable back to the 2020 annual report. During this period, not only did board members led by Chen Jinghe fail to identify the issue, but new chairman Zou Laichang and his team also overlooked it. Strikingly, the two audit firms hired for tens of millions in fees also missed the mistakes. Zijin Mining had previously given both auditors high praise, stating that their reports were "objective, complete, clear, and timely."
The company's share price hit an all-time high at the end of January this year, before falling to as low as 24.12 yuan in subsequent months. As of now, the stock trades at 33.35 yuan, which is still a 23.75% decline from its peak this year.
Three Typos in Half-Year Report: Experts Argue It's More Than Just a Slip of the Pen
Public information shows that Zijin Mining's 2026 half-year report, released recently, was quite strong, with first-half revenue reaching 194.178 billion yuan, a year-on-year increase of 15.78%. Net profit attributable to shareholders hit 39.17 billion yuan, surging 68.17% year-on-year. However, this impressive performance was undermined by simple textual mistakes.
A review found at least three textual errors in the 266-page report. One mention of "Mozhugongka County RMB Government" should have been "Mozhugongka County People's Government," switching "People" for "RMB." Another entry listed "Qinghai Xining Rural Commercial Co., Ltd." instead of the correct "Qinghai Xining Rural Commercial Bank Co., Ltd.," dropping the word "Bank."
Experts argue these errors are not trivial. Bai Wenxi, Vice Chairman of the China Enterprise Capital Alliance, noted that the full name of the bank is a legally registered entity, and omitting "Bank" directly compromises the accuracy and recognizability of the institution's name. He explained that disclosed counterparty and transaction names in financial statement notes are mandatory information that must be presented truthfully, accurately, and completely. Turning "Rural Commercial Bank" into "Rural Commercial" goes beyond a typo; it's a misrepresentation of a stakeholder's name with potential implications for that entity's rights.
Even more concerning, the company wrote "Jiangsu Zangqing New Energy Industry Development Fund Partnership (Limited Partnership)" as "Jiangsu Zangqing New Bear Source High Industry Development Fund Partnership (Limited Partnership)," miswriting "energy" as "bear" and "industry" as "high."
Who Should Be Held Responsible?
Following the backlash, Zijin Mining first responded by saying it would correct the errors in future reports and strengthen its assessment of accounting firms. It then issued a formal correction announcement, stating that the errors did not involve financial data, accounting subjects, or operational indicators and would not materially affect the authenticity, accuracy, or completeness of its disclosed reports. The company also apologized to investors and relevant parties, vowing to improve its internal information disclosure management and strictly enforce proofreading procedures to prevent a recurrence.
The correction did little to quell investor concerns. Some expressed that one error could be forgiven, but three was simply unreasonable. Others questioned the effectiveness of the company's review process, pointing out that a 200-plus-page report passes through preparation, internal audit, board secretary sign-off, and board approval before reaching auditors, yet three obvious typos slipped through all those checkpoints.
This isn't the first time such elementary errors have occurred. Reports indicate the "RMB Government" mistake has appeared in multiple reports since the 2020 annual report. The "bear industry" and "Rural Commercial" errors have existed since at least the 2025 half-year report.
Over six years of these errors, Zijin Mining has changed its leadership and auditors. The board secretary role transitioned from Zheng Youcheng to Gao Wenlong. In November 2025, Chen Jinghe, who led the company for 32 years, officially retired, with Zou Laichang taking over as chairman. In the board secretary management system issued in May 2026, Zijin Mining stipulated that the board secretary should recommend the chairman convene a board meeting to review and disclose periodic reports. Additionally, in its annual and half-year reports, the company includes a statement in the "Important Notes" section, asserting that the board, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the reports.
Auditors Praised Despite "Dereliction of Duty"
The auditing firms, earning millions annually, may also be at fault. From 2020 to 2024, Zijin Mining's annual report auditor was EY Hua Ming (Special General Partnership), with annual audit fees of 11.35 million yuan. Starting in 2025, the auditor switched to Deloitte Touche Tohmatsu Hua Yong (Special General Partnership), with fees of 9.98 million yuan. Despite missing the typos, Zijin Mining praised both firms, noting that its audit and internal control committee believed the auditors conducted independent audits with fairness and objectivity, demonstrating professional integrity and competence.
When contacted for comment, both EY Hua Ming and Deloitte Hua Yong had not responded by press time. According to the 2026 half-year report, Zijin Mining produced 47 tons of mined gold, up 13% year-on-year; 534,000 tons of mined copper, up 5% excluding the Kamoa impact; 200,000 tons of mined zinc (lead); and 229 tons of mined silver. Its "third growth pole," the lithium segment, produced 44,000 tons of lithium carbonate equivalent, a significant year-on-year increase.
Despite these strong results, the share price has not recovered to its highs. Bai Wenxi commented that the board secretary failed to exercise due diligence, as the errors spanned six years and two different board secretaries without being corrected. He also noted that the auditing firms had oversight in their review processes, as they have a statutory obligation to substantively verify the financial data and key information disclosed by listed companies.