Zhejiang Zhongjian Technology Co., Ltd. and three of its then senior executives face a combined proposed fine of 3.9 million yuan because the company made false statements in disclosing a cooperation memorandum with Huawei. The Zhejiang Securities Regulatory Bureau found that Zhongjian Technology attended the signing ceremony for the Huawei Shenzhen Global Embodied Intelligence Industry Innovation Center enterprise cooperation memorandum on November 15, 2024, but as of the annual report disclosure date of April 24, 2025, the company had never affixed its seal to the memorandum, which was titled Cooperation Intent Agreement, and the memorandum had not actually been signed. Yet the company twice claimed it had been signed, in the Investor Relations Activity Record disclosed on the Shenzhen Stock Exchange interactive platform on February 19, 2025, and in the 2024 annual report. The Zhejiang bureau plans to fine the company 1.5 million yuan, then chairman Wu Minggen 1 million yuan, then board secretary Dai Yongbin 800,000 yuan, and then deputy general manager Bao Jialong 600,000 yuan. Topstar Technology and Estun, which attended the same signing event, also disclosed the related cooperation, but Topstar added in an unusual movement announcement that the cooperation was in an initial stage, had not generated actual revenue, and involved uncertainty, while Estun disclosed in its interactive platform record that it attended the ceremony and signed a memorandum with relevant enterprises. Their disclosure methods differed from that of Zhongjian Technology. Zhongjian Technology said the fact that the relevant documents were not sealed did not affect the cooperation matters being carried out and advanced as agreed, had no impact on its financial statements, and that this penalty did not trigger the mandatory delisting circumstances for major violations.
Zhejiang Zhongjian Technology Co LtdProposed fine for false disclosure about Huawei cooperation.
Guangdong Topstar Technology Co LtdMentioned as having disclosed cooperation differently, not penalized.
EFORT Intelligent Equipment Co Ltd