Huachangda Chairman Li Defu Faces Proposed 1.1 Million Yuan Fine Over ST Infi Information Disclosure Violations

Regulation
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Summary · why it matters

Huachangda Chairman Li Defu has received an advance notice of administrative penalty from the Shenzhen Securities Regulatory Bureau in connection with ST Infi's information disclosure violations. He is proposed to be given a warning and fined 1.1 million yuan. Investigations found that ST Infi's wholly owned subsidiaries Infi Systems and Xinpu Interconnect inflated revenue and profit in 2019 and 2020 through fictitious projects and premature revenue recognition. This led ST Infi to overstate 2019 revenue by 492 million yuan and total profit by 84.36 million yuan, and 2020 revenue by 378 million yuan and total profit by 48.13 million yuan, resulting in false records in the relevant annual reports. Li Defu, who served as ST Infi's deputy general manager and chief financial officer at the time, has been identified as another directly responsible person. Huachangda announced that this penalty is unrelated to the company. Li Defu has been serving as chairman since December 16, 2022, is currently performing his duties normally, and the matter does not affect the company's production and operations. Huachangda's share price has fallen 42.95 percent this year, closing at 3.48 yuan per share on July 21, giving it a total market value of 4.92 billion yuan.

Impact on stocks 2

Others▼ · 2 stocks
Shenzhen Infinova Ltd
002528
▼ NegativeRegulationrelevance

ST Infi (Shenzhen Infinova) is the subject of the information disclosure violations, with inflated revenue and profit in 2019-2020.

Off-coverage companies 1

新普互联（北京）科技有限公司Private▼ Negative
Regulationrelevance

Xinpu Interconnect is a wholly owned subsidiary of ST Infi that inflated revenue and profit through fictitious projects.

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