The CSRC published an administrative penalty decision finding Qingyue Technology falsified financials in its IPO prospectus. From 2020 to 1H2022 the company intentionally understated inventory impairment provisions and recorded fictitious chip sales, overstating total profit by RMB 3.374 mln, RMB 7.6453 mln and RMB 23.5816 mln respectively. Qingyue’s 2022 annual report and 2023 interim report also contained false records. The CSRC fined executives Gao Yudi, Mu Xinju, Zhang Xiaobo and Wu Lei RMB

The CSRC published an administrative penalty decision finding Qingyue Technology falsified financials in its IPO prospectus. From 2020 to 1H2022 the company intentionally understated inventory impairment provisions and recorded fictitious chip sales, overstating total profit by RMB 3.374 mln, RMB 7.6453 mln and RMB 23.5816 mln respectively. Qingyue’s 2022 annual report and 2023 interim report also contained false records. The CSRC fined executives Gao Yudi, Mu Xinju, Zhang Xiaobo and Wu Lei RMB 9 mln, RMB 9 mln, RMB 6 mln and RMB 4 mln respectively, totaling RMB 28 mln.