Black Sesame and former chairman Wei Qingwen along with other relevant parties have received an administrative penalty decision from the Guangxi Securities Regulatory Bureau. Upon investigation, the company was found to have committed two violations: failure to timely disclose non-operational fund occupation by related parties, and material omissions in its 2023 annual report. The Guangxi Securities Regulatory Bureau ordered Black Sesame to rectify the issues, issued a warning, and imposed a fine of 1.8 million yuan. Wei Qingwen was given a warning and fined 5 million yuan, of which 3.6 million yuan was imposed in his capacity as the actual controller, and 1.4 million yuan as the directly responsible supervisor. Li Weichang, then vice chairman, vice president, and chief financial officer, was given a warning and fined 900,000 yuan. Li Wenquan, then director and president, was given a warning and fined 500,000 yuan. Zhou Miaohuai, then director, vice president, and board secretary, was given a warning and fined 500,000 yuan.
Nanfang Black Sesame Group Co LtdCompany and former chairman penalized for information disclosure violations, fined and ordered to rectify.