Controversies

Jiangxi regulator orders former Shanghai Boyuan shareholders to fulfill compensation commitments

Ruling

In a controversy note concerning Taihao Technology, the Jiangxi regulatory bureau ordered Hu Jian, Yu Gongbu and Cheng Hailin to fulfill their 2019 performance-compensation obligations to the company. The order followed the fact that Shanghai Boyuan's audited 2019 net profit fell short of the committed amount and that the shareholders had not fulfilled their compensation commitment. The regulator's action addressed the outstanding compensation owed to Taihao Technology under the 2019 commitment.

Tellhow ordered to rectify by Jiangxi regulator over non-compliant disclosure and accounting errors; four executives receive warning letters

In December 2024, the Jiangxi Securities Regulatory Bureau found that when Tellhow Technology replied to the Shanghai Stock Exchange's annual report regulatory work letter, customer names and supplier post-period settlement ratios were incorrect; after losing significant influence over an investee in October 2023, it failed to timely perform accounting treatment; expenses that should have been included in operating costs were mistakenly included in selling expenses, with cross-period issues; accounting errors existed in prior periods; and the 2023 annual report received a qualified opinion because an audit could not be conducted due to a shareholder dispute at Fuzhou Deta. In 2015, the company was also ordered to rectify because a subsidiary's major litigation against Meijin Energy Group was not timely disclosed, among other issues. It was ordered to rectify; Chairman Yang Jian, General Manager Li Ziqiang, CFO Zhu Yuhua and Board Secretary Zhang Xiaobing were issued warning letters and recorded in integrity files.