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Brand AI

ICkey

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2025

    IPO questioned over RMB 1.7 billion of manually entered orders and revenue authenticity

    During the ChiNext IPO review, Yunhan Xincheng was questioned by the Shenzhen Stock Exchange: a large amount of order revenue (about RMB 1.7 billion) came from manual entry by employees, customer information was duplicated and procurement data was contradictory, casting doubt on revenue authenticity. There were also controversies over accumulated losses, low R&D investment and the founding team cashing out more than RMB 100 million before listing. The company eventually listed in September 2025. Registration granted after inquiry.

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