These companies were investigated and ordered to correct their disclosure violations overnight.

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（Source: First Fengkou）

Regulatory authorities continue to step up oversight of listed companies! On the evening of April 3, *ST Guodian (rights protection), Dianke Digital (rights protection), and Hangjin Technology (rights protection) each released an announcement stating that they were put on file for investigation for violations of information disclosure laws and regulations. In addition, Dianke Digital also received a warning letter from the Shanghai Securities Regulatory Bureau for misleading statements; Shanghai Lingang received an administrative regulatory measures decision from the Shanghai Securities Regulatory Bureau and was ordered to make corrections; one of Xianhe’s controlling shareholders, Wang Minglong, was also put on file for investigation for alleged short-swing trading.

*ST Guodian:

Put on file, and may be delisted

*ST Guodian’s announcement states that on April 3, the company received from the China Securities Regulatory Commission a “Notice of Filing for Investigation” issued to the company. Because the company is suspected of violating laws and regulations related to information disclosure, among other issues, pursuant to laws and regulations including the “Securities Law of the People’s Republic of China” and the “Administrative Penalty Law of the People’s Republic of China,” the CSRC has decided to file a case for investigation.

On the same day, *ST Guodian also released a sixth risk warning announcement regarding the possibility that the company’s stock could be delisted. Based on the current situation, it preliminarily judged that Zhongxi Certified Public Accountants Co., Ltd. may be unable to issue an audit report with an unqualified opinion on the company’s 2025 annual financial statements and their notes, etc. The specific audit opinion will be subject to the audit report on the company’s 2025 annual financial statements issued by Zhongxi Certified Public Accountants Co., Ltd. If the company’s 2025 annual financial statements are issued with an opinion other than unqualified, the company’s stock will be delisted by the Shanghai Stock Exchange.

*ST Guodian’s performance quick report shows that in 2025, the company realized revenue of RMB 124 million, up 37.44% year over year; net profit was a loss of RMB 213.9 million, down 57.43% year over year. Regarding the share price, as of the close on April 3, *ST Guodian’s stock price has fallen by more than 61% year-to-date; the current share price is RMB 2.39 per share.

Dianke Digital:

Put on file and received a warning letter

Dianke Digital announced on April 3 that the company has recently received a “Notice of Filing for Investigation” issued by the CSRC. Because the company is suspected of violating laws and regulations related to information disclosure, pursuant to relevant laws and regulations, the CSRC has decided to file the case for investigation.

At present, all of the company’s business activities are carried out normally. During the investigation period, the company will actively cooperate with the CSRC’s investigation work and strictly fulfill information disclosure obligations in a timely manner in accordance with relevant laws and regulations and regulatory requirements.

At the same time, Dianke Digital also announced that it received a warning letter issued by the Shanghai Securities Regulatory Bureau. After investigation, Dianke Digital has the following facts: in the two investor relations activity record forms and three information posts on the SSE E-Interaction platform during the period from December 17 to December 31, 2025, the company stated that “in the satellite internet field, Bipai Electronics mainly provides three types of products: on-board high-performance computing, AI smart computing, and RF transmission,” and that “in the satellite internet field, Bipai Electronics has successfully built a fully localized solution.”

The self-disclosed information in the above investor relations activities is inaccurate and incomplete, and there are situations such as misleading statements and omission of risk warnings, violating relevant regulations. Hou Zhiping, as the company’s board secretary and deputy general manager, bears responsibility for the above information disclosure matters. Therefore, the Shanghai Securities Regulatory Bureau decided to take administrative regulatory measures of issuing a warning letter to Dianke Digital and Hou Zhiping.

As of the close on April 3, Dianke Digital’s share price was RMB 22.04 per share, and its market capitalization was nearly RMB 15 billion; it has fallen by more than 25% this year.

Hangjin Technology:

Put on file; losses for two consecutive years

Hangjin Technology (000818.SZ) announced that on April 3, it received from the China Securities Regulatory Commission a “Notice of Filing for Investigation” issued to the company. Because the company is suspected of violating information disclosure laws and regulations, pursuant to relevant laws and regulations, the CSRC has decided to file the case for investigation. At present, all production and business activities of the company are operating normally and in an orderly manner. During the filing period, the company will actively cooperate with the CSRC’s investigation work and strictly fulfill information disclosure obligations in accordance with regulatory requirements.

Hangjin Technology’s 2025 performance forecast shows that in 2025, the company expects net profit to be a negative value. It is expected that net profit attributable to shareholders will be a loss of RMB 100 million to RMB 180 million, and that profit excluding non-recurring items will be a loss of RMB 105 million to RMB 185 million. Meanwhile, taking 2025 into account, the company has already been loss-making for two consecutive years. In 2024, net profit attributable to shareholders was a loss of RMB 979 million.

The company stated that in 2025, the chemical segment’s main products saw sales prices decline due to market environment impacts, resulting in losses; for the integrated circuit board segment, due to factors such as market changes and actual operating conditions, the company conducted sufficient analysis, assessment, and testing of inventories, goodwill, etc. Based on the principle of prudence, the company accrued appropriate asset impairment provisions; the final amount will be subject to data after audit by the auditing institution.

Shanghai Lingang:

Ordered to make corrections due to inaccurate periodic reports

On the evening of April 3, Shanghai Lingang (600848.SH) announced that it received a decision from the Shanghai Securities Regulatory Bureau titled “Decision on Taking Rectification Measures Against Shanghai Lingang Holding Co., Ltd., and Issuing Warning Letters to Weng Kaining, Yuan Guohua, and Liu Deyong.”

The decision letter points out that Shanghai Lingang had issues of inaccurate financial data in its periodic reports from 2022 to 2024, which led to the company being subject to the administrative supervisory and management measures requiring rectification. As the relevant responsible persons, Weng Kaining, Yuan Guohua, and Liu Deyong were issued warning letters.

According to the investigation by the Shanghai Securities Regulatory Bureau, during 2022 and 2023, Shanghai Lingang’s subsidiary, Shanghai Caogaojing High-Tech Park Development Co., Ltd., cumulatively received capital increase funds of RMB 5 billion from China Life Investment Insurance Asset Management Co., Ltd. The company has contractual obligations to China Life Investment that it cannot unconditionally avoid delivery of cash or other financial assets; therefore, when preparing consolidated financial statements, the capital increase funds should be treated as financial liabilities.

In actual operation, the company accounted for China Life Investment as a minority shareholder. This accounting treatment discrepancy caused the financial data in the company’s periodic reports for 2022, 2023, and 2024 that it disclosed to be inaccurate. Specifically, the data show that in 2022, the company undercounted the total amount of liabilities by RMB 3.01B and overcounted total owners’ equity by RMB 3.01B; in 2023, it undercounted total liabilities by RMB 5.17B and overcounted total owners’ equity by RMB 5.17B; in 2024, it undercounted total liabilities by RMB 5.28B and overcounted total owners’ equity by RMB 5.28B. These actions violate the relevant provisions of the “Measures for the Administration of Information Disclosure by Listed Companies.”

Xianhe Shares:

Controlling shareholder Wang Minglong put on file for short-swing trading

Xianhe Shares announced on April 3 that Wang Minglong, one of the actual controllers, received from the CSRC a “Notice of Filing for Investigation” on April 3. The announcement states that because of suspected short-swing trading, the CSRC decided to file a case for investigation against Wang Minglong. This filing is against Wang Minglong personally and has nothing to do with the company’s daily operations and business activities, and will not affect the company’s production and operating activities. During the investigation period, Wang Minglong will actively cooperate with the CSRC’s related investigation work.

The company also announced on the same day that Wang Minglong received from the Zhejiang Securities Regulatory Bureau a “Decision on Taking Rectification Measures Against Wang Minglong.” After investigation, it was found that as one of the actual controllers of Xianhe Shares, Wang Minglong did not promptly inform the company about the matter of holding Xianhe Shares stock by borrowing other people’s securities accounts, resulting in the company’s controlling shareholder and concerted action parties reaching a combined shareholding proportion of 80% without being disclosed in a timely manner. The Zhejiang Securities Regulatory Bureau decided to take supervisory and management rectification measures against Wang Minglong and record it in the integrity file for the securities and futures markets.

On April 3, the Shanghai Stock Exchange also issued a warning letter, stating that because Wang Minglong failed to promptly inform the company of the matter of holding Xianhe Shares stock using borrowed other people’s securities accounts, a regulatory warning was issued to him.

(This article is for reference only and does not constitute investment advice. Investing involves risk; enter the market cautiously!)

Written/Edited by Fengkou Finance Editor Liu Jian

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