After two and a half years, Santech Cableway and related parties receive a total fine of 34.1 million, and Airumine is once again banned for life.

（Source: 财闻）

          Ai Luming was fined again—RMB 11 million.            

More than two and a half years after being placed under filing for investigation, Sanxiang Cableway (Rights Protection) (002159.SZ) announced on the evening of March 29 that it received a 《Administrative Penalty Pre-Notice》.

According to the announcement, between 2019 and 2022, Sanxiang Cableway had multiple instances of non-operating fund occupation involving the then indirect controlling shareholder, Contemporary Group. Specifically, in 2019 the amount involved was RMB 1.423 billion, in 2020 it was RMB 370 million, in 2021 funds transferred out of RMB 1.904 billion were not disclosed in a timely manner, and in January 2022 funds transferred out of RMB 500 million were not disclosed in a timely manner.

The above violations led Sanxiang Cableway to fail to disclose the non-operating fund occupation by related parties in a timely manner, resulting in major omissions in its 2019 annual report and 2020 annual report.

In response, the Hubei Securities Regulatory Bureau issued a warning to Sanxiang Cableway and imposed a fine of RMB 10.5 million.

The former chairman, Lu Sheng, was given a warning and fined RMB 3 million; the two former general managers, Zhang Quan and Wang Lili Lili, were given warnings and fined RMB 4.5 million and RMB 2.5 million, respectively; and the former chief financial officer, Zhang Yunying, was given a warning and fined RMB 2.6 million.

Meanwhile, as the then “Contemporary” faction’s key figure, Ai Luming—the actual controller of Sanxiang Cableway—was found to have instructed Sanxiang Cableway to engage in the illegal conduct involved in the case. The conduct was bad and the circumstances were serious. The Hubei Securities Regulatory Bureau, while imposing a fine of RMB 11 million on him, also proposed to take lifelong measures barring him from the securities market.

By this point, the related penalty outcomes for the four previously listed companies under the “Contemporary” faction have all been released.

Caixin News noted that Sanxiang Cableway was not the only victim of the non-operating fund occupation by Contemporary Group. As early as December 2025, ST Renfu (Rights Protection) (600079.SH) disclosed a 《Administrative Penalty Pre-Notice》. Due to issues including failure to disclose non-operating fund occupation in a timely manner, failure to disclose related-party transactions in a timely manner, false records or major omissions in multiple periodic reports, and Contemporary Group’s concealment of related-party relationships, the Hubei Securities Regulatory Bureau proposed a total fine of RMB 36.70 million to be imposed on the listed company, Contemporary Group, and relevant responsible parties. Among them, Ai Luming was fined RMB 3.9 million and was also proposed to be subject to a 7-year ban from the securities market.

At the same time, because this penalty matter touches upon relevant regulations, the company’s stock was subjected to other risk warnings, and starting from December 16, the A-share stock abbreviation was changed to ST Renfu.

According to the disclosure, between 2020 and March 2022, ST Renfu and Contemporary Group had accumulated non-operating fund occupation with a cumulative amount of RMB 12.785 billion.

In addition, ST Mingcheng (Rights Protection) (600136.SH) had previously announced that on March 20, 2026, it received the 《Administrative Penalty Decision》 from the Hubei regulatory authority. The company had illegal facts including failing to disclose related guarantees, false records in its annual report, failure to disclose arbitration information, and related-party transactions. The company was given a warning and fined RMB 7.6 million.

Tianfeng Securities (Rights Protection) (601162.SH) had previously announced that between 2020 and 2022, Tianfeng Securities had illegal conduct including illegally providing financing for the former largest shareholder, Contemporary Group, and failing to disclose related-party transactions with Contemporary Group as required. Contemporary Group and Tianfeng Securities jointly implemented the related illegal conduct, seriously violating securities laws and regulations.

Tianfeng Securities was therefore given a warning and fined RMB 15 million. Several senior executives, including the then chairman Yu Lei and the then deputy general manager and financial controller Xu Xin, were also given warnings and fined for the related illegal conduct. Among them, as directly responsible personnel, Yu Lei and Xu Xin were subject to lifelong measures barring them from the securities market.

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