ST Zhiyun Discloses Regulatory Measures and Penalties Over the Past Five Years; Once Fined 4 Million Yuan for Subsidiary Financial Fraud

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ST Zhiyun (Rights Protection) (300097) issued an announcement on March 16, disclosing regulatory measures, penalties, and rectification actions taken by securities regulatory authorities and stock exchanges over the past five years. The announcement shows that the company received administrative regulatory measures and penalties from the Dalian Securities Regulatory Bureau in 2024 and 2025, mainly related to the 2022 financial fraud by its controlling subsidiary, Shenzhen Jiutian Zhongchuang Automation Equipment Co., Ltd. (hereinafter referred to as “Jiutian Zhongchuang”). The company has corrected accounting errors, made retrospective adjustments, and implemented a series of rectification measures.

The announcement states that on March 14, 2025, the company and relevant parties received the “Administrative Penalty Decision” (No. 【2025】1) issued by the Dalian Securities Regulatory Bureau. The penalty was due to Jiutian Zhongchuang’s false recognition of sales revenue of 59.7345 million yuan and profit of 24.1123 million yuan in 2022, accounting for 13.27% and 7.09% of Zhiyun’s disclosed operating income and total profit during the same period. According to relevant provisions of the Securities Law, the Dalian Securities Regulatory Bureau decided to give the company a warning and impose a fine of 4 million yuan; warnings and fines of 2 million yuan each to Shi Liquan and Zhou Fei; a warning and an 800,000 yuan fine to Bao Feng; and a warning and a 500,000 yuan fine to Li Chao.

Previously, on April 11, 2024, the company received the “Decision on Corrective Measures” (Administrative Regulatory Measures 【2024】6) from the Dalian Securities Regulatory Bureau, stating that due to Jiutian Zhongchuang’s inflated revenue and operating profit in 2022, the company’s financial disclosures in its 2022 annual report were inaccurate, violating the “Administrative Measures for Information Disclosure by Listed Companies.” The bureau decided to impose corrective administrative measures and record the case in the securities and futures market integrity archive.

In response to the above regulatory measures and penalties, ST Zhiyun has taken multiple rectification actions. On April 19, 2024, the company held a board and supervisory meeting to approve the “Proposal on Correcting Prior Accounting Errors and Retrospective Adjustments,” correcting some financial data in the 2022 Annual Report, the Q1 2023 Report, the Half-Year 2023 Report, and the Q3 2023 Report, and disclosed related announcements and corrected periodic reports. PricewaterhouseCoopers Zhongtian LLP issued a special review report.

Additionally, the company has improved internal control systems, strengthened management of subsidiaries, enhanced accounting management, internal audit, and information disclosure management. These include revising the Articles of Association and some corporate governance policies, strictly implementing the “Subsidiary Management System,” training financial staff, strengthening audit supervision, and improving the quality of information disclosure.

The announcement states that, aside from the above matters, as of the date of this announcement, the company has not had any other regulatory measures, penalties, or rectification actions taken by securities regulatory authorities or stock exchanges in the past five years.

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Editor: Xiao Lang Kuai Bao