ST Shuyuan announced that, due to false records in its financial reports from 2020 to 2022, the company and six individuals are proposed to be fined a total of 16.9 million yuan by the Zhejiang Securities Regulatory Bureau. The company itself faces a fine of 8 million yuan, while former chairman Zhang Guojing faces a fine of 4 million yuan and an 8-year ban from the securities market. Investigations found that the company inflated or deflated operating revenue, operating costs, and total profits across various periods through fake audio-video business and fake trade business. In its 2022 interim report, inflated operating revenue accounted for 40.12 percent of the amount disclosed for that period. The company has made retrospective adjustments for some matters and has prudently judged that it has not triggered mandatory delisting for major violations, with the final outcome subject to the formal penalty decision.
Soyea Technology Co LtdProposed fine for false financial records and market ban for former chairman.
