ST Jihua Fined 23.2 Million Yuan for Financial Fraud, 13 Individuals Penalized

Regulation

โดย 21世纪经济·Read original

Summary · why it matters

ST Jihua has been fined a total of 23.2 million yuan, along with 13 responsible individuals, for false records in its annual reports from 2018 to 2021. The China Securities Regulatory Commission ordered the company to correct the violations, issued a warning, and imposed a fine of 7 million yuan. Thirteen former senior executives were given warnings and fined between 500,000 yuan and 2.5 million yuan each. In a separate case, Trip.com was fined 5.179 billion yuan by the State Administration for Market Regulation for abusing its dominant market position in monopolistic practices, marking the first time antitrust enforcement has penetrated deeply into the online travel vertical. Hainan Huatie was fined 3 million yuan for failing to disclose material progress on a 3.69 billion yuan computing power service agreement in a timely manner. Jinguan Corporation and four responsible individuals received a warning letter from the Jilin Securities Regulatory Bureau for inaccurate disclosure of a winning bid amount. Lanyu Corporation and its responsible individuals received a warning letter from the Zhejiang Securities Regulatory Bureau for violations in managing idle raised funds. ST Fucheng and its responsible individuals were given a regulatory warning by the Shanghai Stock Exchange for two errors in its annual report data. Jiaci Technology shareholder Liang Difei plans to donate 10 million company shares to the University of Electronic Science and Technology of China Education Development Foundation.