The Shanghai Stock Exchange recently issued a regulatory inquiry letter regarding Rayitech's 2025 annual report, focusing on matters emphasized in the internal control audit report and directly pointing to the company's then-senior executive providing external technical consulting and receiving fees. Rayitech replied that its equipment supplier Wuhan Weifu Lide paid the company's general manager a total of 10.36 million yuan in technical service fees between January 2018 and June 2024, for the design and manufacture of a high-precision, high-temperature, high-speed biaxial stretching film production line. After verification, the service did not involve the company's core polyimide film processes. The company's equipment purchases from Weifu Lide went through market-based price comparison, with prices 27 percent lower than comparable Japanese equipment, no additional consulting fees, no outflow of company funds, and no misappropriation of funds. However, the arrangement was in substance a related-party transaction, and the company failed to perform timely review and disclosure procedures. The general manager turned over the full 10.36 million yuan in service fees to the company in March 2026. The company has simultaneously carried out rectification, strictly implementing related-party transaction decision-making systems, improving fund management and supplier internal control systems, and strengthening internal audit oversight.
Shenzhen Rayitek Hi-Tech Film Co. Ltd. ARegulatory inquiry and related-party transaction disclosure failure
Supplier involved in related-party transaction inquiry
