Yongjin Co., Ltd. former Chairman Yu Jiqun was warned for illegally purchasing nearly 290,000 shares of the company.

On March 27, Yongjin Co., Ltd. (603995.SH, Ningbo Yongjin Technology Group Co., Ltd.) released an announcement regarding the administrative regulatory measures decision letter received by the company’s then-chairman.

The announcement states that today the company received from the China Securities Regulatory Commission (hereinafter referred to as the “Zhejiang CSRC”) the “Decision of the Zhejiang CSRC on Taking Measures to Issue a Warning Letter to Yu Jiqun” ([2026] No. 60). Upon investigation, the company’s then-chairman, Yu Jiqun, within the 30 calendar days prior to the date of the announcement of the company’s 2019 annual report, traded by operating other people’s securities accounts to purchase a total of 289,800 shares of the company, with a transaction amount of RMB 6.162 million.

The aforesaid conduct violates Article 13 of the “Rules on the Management of Shares of the Company Held by Directors, Supervisors and Senior Management Personnel and Their Changes” of listed companies (CSRC Company Letter [2007] No. 56) and constitutes illegal trading of stocks during a window period.

Pursuant to Article 16 of the “Rules on the Management of Shares of the Company Held by Directors, Supervisors and Senior Management Personnel and Their Changes” of listed companies (CSRC Company Letter [2007] No. 56), the Zhejiang CSRC has decided to take regulatory supervision measures against him in the form of issuing a warning letter, and to record it in the integrity archive of the securities and futures market.

Yongjin Co., Ltd. stated that after receiving the “Administrative Regulatory Measures Decision Letter,” the company attached great importance to it and notified and conveyed it to the relevant personnel. YU JI QUN (Yu Jiqun) will strictly comply with the requirements of the Zhejiang CSRC, reflect deeply and draw lessons in a serious manner, earnestly strengthen the study of relevant laws and regulations, and prevent similar situations from occurring again.

YU JI QUN (Yu Jiqun) offers sincere apologies to the vast number of investors for the adverse impact that this matter has brought to the company and the market.

The information shows that Yu Jiqun, male, born in July 1962, is a Canadian national and holds a bachelor’s degree. From August 1983 to October 1997, he served in various roles at Ningbo Beilun General Machinery Plant, including head of the Technical Department, deputy plant manager, and plant manager. From November 1997 to December 1998, he served as general manager of Ningbo Beilun Economic Construction Investment Co., Ltd. From January 1999 to September 2019, he served as chairman of the board of Beilun Economic. From August 2003 to June 2009, he served as chairman of the board of Yongjin Co., Ltd. From June 2009 to May 2024, he served as chairman of the board of Yongjin Technology Group Co., Ltd.; after the term renewal in May 2024, he became a non-independent director of the company.

Ningbo Yongjin Technology Group Co., Ltd. was founded in August 2003. It is an enterprise integrating the research and development, production, sales, and service of cold-rolled stainless steel strip. Its products cover two major areas: precision cold-rolled stainless steel strip and wide cold-rolled stainless steel strip, and are applied in industries such as electronic information, home appliances, medical devices, environmental protection and chemical industry, and automotive transportation.

It is worth noting that in 2025, the company’s actual controller had previously been granted bail pending trial.

On July 8, 2025, Yongjin Co., Ltd. announced that on the evening of July 7, it learned from its actual controller, Cao Peifeng, that, on that day, he was ordered to be released on bail pending trial by the Public Security Bureau of Jinhua City due to suspected crimes of insider trading and disclosure of insider information. According to the “Bail Pending Trial Decision Letter” provided by Cao Peifeng, the bail pending trial period runs from July 7, 2025.

The company’s 2025 third-quarter report shows that in the first three quarters of 2025, the company realized total operating revenue of RMB 31.562 billion, up 2.01% year on year; net profit attributable to shareholders was RMB 450 million, down 22.95% year on year; net profit after deducting non-recurring items was RMB 435 million, down 5.62% year on year; net cash flow from operating activities was RMB 451 million, up 2.43% year on year.

As of the close on March 27, Yongjin Co., Ltd. quoted RMB 17.48 per share, up 2.16%.

Pengpai News reporter Li Xiaoqing