Chinese Regulator Issues Warning Letters to Jingyan Technology and Executives Over Disclosure Violations

Gate News message, April 22 — Jingyan Technology Co., Ltd. (精研科技) announced it received warning letters from the Jiangsu Securities Regulatory Bureau regarding disclosure violations affecting the company, executives, and its subsidiary Antexin Technology Co., Ltd. The regulator identified three main violations: inaccurate disclosure in the company's 2023 annual report; inadequate due diligence when acquiring 60% of Antexin in February 2021, resulting in inaccurate financial data and incomplete related-party transactions in Antexin's audit report and the company's 2021 annual report; and incomplete and inaccurate related-party transaction disclosures with Changzhou Weiyi Smart Manufacturing Co., Ltd. in the 2021 and 2022 annual reports.

The Jiangsu Securities Regulatory Bureau imposed administrative warning measures against Jingyan Technology, executives Wang Mingxi, Huang Yichao, Yang Jian, and Xu Mingqiang. The warning letters will be recorded in the securities and futures market integrity database.