Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2023
Regulator finds Ruyi Technology occupied RMB 594 million of listed company funds
According to a penalty document from the Shandong Securities Regulatory Bureau, in the first half of 2019 Ruyi Group transferred a cumulative RMB 594 million to controlling shareholder Shandong Ruyi Technology Group through fictitious procurement, constituting non-operating fund occupation, and the relevant information was not disclosed as required. The document also records that as of April 29, 2021, the principal and interest had been repaid. Update: the securities regulator’s penalty document found the fund occupation and repayment. Entities involved: Shandong Ruyi Technology Group Co., Ltd.; Shandong Ruyi Woolen Garment Group Co., Ltd.
2020
Bond defaults, fund occupation and annual report fraud lead to lifetime market ban for Qiu Yafu
Shandong Ruyi Technology has defaulted on RMB 4.124 billion of bonds since 2020; Ruyi Group was penalized over related-party transactions and occupation of funds, and Qiu Yafu was fined RMB 3.5 million and banned from the market for 10 years; in 2026, it was fined another RMB 7 million for false records in annual reports, and Qiu Yafu received a lifetime market ban. Fines, market ban.