On August 26, the Xiamen Regulatory Bureau of the China Securities Regulatory Commission decided to issue warning letters to Hollyland Technology, actual controller Tang Qiqing and his concert party Kang Wei, then-chairman Chen Xiu, then-general manager Rui Bin, and then-board secretary Liu Haode. Upon investigation, Hollyland Technology announced that it planned to transfer its 31.8182% stake in Hefei Qusu Chaowei Integrated Circuit Co., Ltd. to Shanghai Shuoju Technology Partnership for a transfer price of 70 million yuan; on March 26, 2024, it further announced plans to transfer the remaining 18.2318% stake to Shanghai Shuoju for a transfer price of 9.2 million yuan. The aforementioned equity transfers constituted a related-party transaction, but Hollyland Technology failed to review and disclose them as such.
Hollyland China Electronics Technology Corp LtdReceived warning letter for failing to disclose related-party transaction
