Group 1 - The company, Litong Electronics, announced the completion of its business registration change, increasing its registered capital to 262.08 million yuan [1] - The company's registered address remains in Yixing City, Xushe Town Industrial Concentration Zone, at No. 8 Xufeng Road [1] - The company has canceled its supervisory board, transferring its responsibilities to the audit committee of the board of directors [1] Group 2 - The company has revised its articles of association and related systems, which have been approved by the Wuxi Data Bureau, and has received a new business license [1]

江苏利通电子股份有限公司章程 | | | 江苏利通电子股份有限公司章程 第一章 总则 第一条 为维护江苏利通电子股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以 下简称"公司"）。 （二○二五年十二月） | | | 担任法定代表人的董事辞任的，视为同时辞去法定代表人。 公司由江苏利通电子有限公司整体变更设立，在登记机关注册登记，取得营 业执照，社会统一信用代码为 913202821429014964。 公司于 2018 年 9 月 4 日经中国证券监督管理委员会（以下简称"中国证监 会"）批准，首次向社会公众发行人民币普通股 2,500 万股，均为公司向境内投 资人发行的人民币认购的内资股，并于 2018 年 12 月 24 日在上海证券交易所上 市。 第三条 公司注册名称： （一）公司注册名称：江苏利通电子股份有限公司。 （二）中文简称：利通电子。 （三）英文全称：J ...

关于完成工商登记变更并换发营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：603629 证券简称：利通电子 公告编号：2025-087 江苏利通电子股份有限公司 2025 年 9 月 15 日，江苏利通电子股份有限公司（以下简称"公司"）召开 第三届董事会第二十四次会议和第三届监事会第十七次会议，审议通过了《关于 向激励对象首次授予限制性股票的议案》。根据公司《2025 年限制性股票激励计 划（草案修订稿）》的相关规定和公司 2025 年第三次临时股东会的授权，董事会 认为 2025 年限制性股票激励计划授予条件已经成就，确定以 2025 年 9 月 15 日 为首次授予日，向符合授予条件的 8 名激励对象授予 215.00 万股限制性股票。 公司首次授予的 215.00 万股限制性股票已于 2025 年 11 月 6 日在中登公司上海 分公司完成登记过户，并取得其出具的《证券变更登记证明》。因此，公司修改 注册资本，由 25,993 万变更为 26,208 万。 为进一步规范公司运作，完善公司 ...

Core Viewpoint - A recent criminal judgment from the Shanghai Pudong New District People's Court has exposed the corruption within the brokerage research report sector, highlighting the issue of "customized research reports" and raising concerns about the independence of brokerage reports and compliance in the capital market [1][3]. Group 1: Case Details - Analysts Zou and Cheng from a brokerage firm were sentenced for accepting bribes in exchange for creating tailored research reports to boost the stock price of Jiangsu Litong Electronics Co., Ltd. [1][3] - The court found that in April 2023, Zou and Cheng engaged in a "report for money" transaction, leveraging Zou's position to enhance the company's visibility in the secondary market [1][3]. Group 2: Financial Transactions - Zou received a bribe of 180,000 yuan, while Cheng, acting as an intermediary, received 50,000 yuan, totaling 230,000 yuan in illicit gains [2][8]. - The case came to light due to increased regulatory scrutiny, with Cheng voluntarily reporting to the police in December 2024, followed by both analysts confessing to their crimes in January 2025 [2][8]. Group 3: Court Ruling - The court ruled that both analysts committed bribery, with Zou receiving a ten-month prison sentence (suspended for one year) and Cheng receiving an eight-month sentence (also suspended for one year), along with fines of 100,000 yuan each [3][9]. - The judgment noted that the timing of the research report's release coincided with significant stock price movements for Litong Electronics, raising questions about the motivations behind the report [3][9]. Group 4: Market Impact - Following the release of the tailored report, Litong Electronics' stock price surged, reaching a historical high of 40.51 yuan per share in November 2023, representing an increase of over 155% for the year [4][10]. - The report was one of the first significant analyses of Litong Electronics since its listing in December 2018, leading to skepticism regarding its timing and intent [4][10].

Core Viewpoint - A recent criminal judgment has drawn widespread attention in the securities industry, highlighting issues of analysts accepting bribes to enhance market attention for listed companies, which poses risks to market stability and investor decision-making [1][2]. Group 1: Criminal Case Details - Analysts from a certain company were found guilty of accepting bribes of 180,000 yuan and 50,000 yuan to write research reports for Jiangsu Litong Electronics Co., Ltd., aimed at increasing the company's stock market visibility [2]. - The analysts received sentences of ten months and eight months in prison, respectively, with a one-year probation and a fine of 100,000 yuan each, along with the requirement to return their illegal earnings [2][3]. Group 2: Industry Context and Regulatory Actions - There has been a trend of regulatory actions against analysts for various violations, including leaking unpublished research, unauthorized stock trading, and private stock recommendations [1][4]. - The China Securities Regulatory Commission has reported cases where analysts faced administrative penalties for spreading unverified information, indicating a need for improved management and oversight within securities firms [4][5]. Group 3: Recommendations for Improvement - Experts suggest that establishing a "blacklist" and "graylist" for analysts could enhance regulatory measures, alongside imposing penalties on the firms associated with the analysts to ensure accountability [5].

"量身定制"研报 近期，上海市浦东新区人民法院公布的一则刑事判决书显示，原东方某有限公司研究所电子行业首席分析师邹某与电新行业高级分析师程某，因非法收受 他人财物为特定上市公司撰写研报，双双构成非国家工作人员受贿罪。 经查，两人于2023年接受请托，利用首席分析师的行业影响力，为江苏利通电子股份有限公司（以下简称利通电子）"量身定制"研究报告，意图增加该公 司股票的市场关注度。该起交易涉案金额共计人民币23万元，其中邹某分得18万元，程某分得5万元。案发后，程某主动投案，两人均如实供述犯罪事 实。最终，法院一审判处邹某有期徒刑十个月，缓刑一年；判处程某有期徒刑八个月，缓刑一年。同时，各处罚金十万元。这起案件不仅揭露了研报产出 背后的利益链条，也引发了市场对券商研报独立性与中立性的深刻反思。 或为机构首次公开覆盖 上海市浦东新区人民法院近期公布的这份判决书，将证券研究行业的一桩交易曝光在阳光下。判决书显示，被告人邹某，出生于1988年，博士研究生文 化；被告人程某，1987年出生，硕士研究生文化。二人此前分别担任东方某有限公司研究所的电子行业首席分析师和电新行业高级分析师。 这起案件的导火索是2023年4月的一 ...

Group 1 - The case involves two analysts from a brokerage firm who were sentenced for accepting bribes to enhance the visibility of a company's stock through research reports [1][2] - The analysts, Zou and Cheng, received bribes of 180,000 yuan and 50,000 yuan respectively to write reports for Jiangsu Litong Electronics Co., Ltd. [2] - The court found that their actions constituted the crime of accepting bribes as non-state personnel, and they were sentenced to prison terms with probation [3] Group 2 - Jiangsu Litong Electronics Co., Ltd. specializes in the design, production, and sales of precision metal structural parts, appearance parts, and electronic components for liquid crystal displays [4] - The company was listed on the Shanghai Stock Exchange in December 2018 [5]

Core Viewpoint - The recent case of "buying research reports" in the A-share market highlights the long-standing issue of "report hype" in the industry, where analysts are accused of accepting bribes to write favorable reports for companies, as exemplified by the case involving the analyst from a certain company and the stock of Litong Electronics [1][25][37]. Group 1: Case Details - The analyst, Zou, received a bribe of 180,000 yuan from a client, Song, to write a positive report on Litong Electronics, leading to his conviction for accepting bribes [1][28]. - Zou, a PhD graduate, was the chief analyst for the electronics sector at the company, while another analyst, Cheng, was involved in facilitating the transaction [4][28]. - The report published in April 2023 claimed that Litong Electronics would benefit from a rebound in the panel industry, which led to a significant stock price increase [6][29]. Group 2: Stock Performance - Following the release of the reports, Litong Electronics' stock price surged from approximately 12 yuan to over 40 yuan, marking an increase of over 230% [9][29]. - However, the stock experienced a sharp decline shortly after, dropping to around 10 yuan, resulting in substantial losses for retail investors who followed the hype [32][25]. Group 3: Company Background and Financials - Litong Electronics, established in 2001, specializes in the research, production, and sales of precision metal structures for LCD TVs, serving major brands like Samsung and LG [30]. - The company's financial performance has deteriorated, with net profits dropping from 65.9 million yuan in 2022 to 40.2 million yuan in 2023, a decline of 39% [11][30]. - The company is attempting to pivot towards AI computing power leasing as a new growth avenue, although this initiative is still in its early stages and lacks substantial backing [34][30]. Group 4: Regulatory Context - The case is seen as a significant step by regulators to address the issue of research report misconduct, transitioning from administrative penalties to criminal accountability for analysts involved in bribery [22][42]. - The regulatory framework has been tightening, with new rules introduced to ensure analysts do not accept improper benefits and to enhance the integrity of investment value reports [22][42].

Group 1 - A securities analyst was found guilty of accepting bribes to write research reports for a listed company, Jiangsu Litong Electronics Co., Ltd, which increased the company's stock market attention [2][3] - The analyst, identified as Zou Jie, was the former chief analyst for the electronics industry at Dongfang Wealth Securities, and he received a bribe of 180,000 RMB for his services [2][3] - The court sentenced Zou Jie to ten months in prison with a one-year probation and a fine of 100,000 RMB, while another individual, Cheng, received an eight-month sentence with a similar probation and fine [3] Group 2 - Jiangsu Litong Electronics is a publicly listed company specializing in the design, production, and sales of precision metal structural components for LCD displays and electronic components [4] - Prior to the publication of the research reports, Litong Electronics' stock price hovered around 12 RMB, but it surged to 14.04 RMB on the day the reports were released, eventually reaching a high of 31.63 RMB by June 19, 2023 [4] - The company's financial performance showed a decline in 2023, with revenue dropping to 1.893 billion RMB, a decrease of 6.53%, and net profit falling by 39.01% to 40.2023 million RMB [4]

Core Viewpoint - The case of analysts accepting bribes to inflate stock prices raises significant concerns about the integrity of research reports in the securities industry and the potential for regulatory repercussions [1][6][15]. Group 1: Case Details - In April 2023, analysts from a brokerage firm accepted bribes totaling 230,000 RMB (approximately 36,000 USD) to write a research report that would enhance the market visibility of Lituo Electronics (603629.SH) [1][3]. - The analysts involved were identified as Zou and Cheng, who received 180,000 RMB and 50,000 RMB respectively for their roles in the report [3][9]. - The court sentenced Zou to ten months in prison (with a one-year probation) and Cheng to eight months (also with a one-year probation), along with fines of 100,000 RMB each [6][7]. Group 2: Company Performance - Lituo Electronics' stock price began to rise in May 2023, reaching a historical high of 40.70 RMB per share in November 2023, marking a 160% increase for the year [2][10]. - By the end of 2023, the total number of shareholders for Lituo Electronics reached 30,310, indicating a significant investor base affected by the stock's volatility [11][13]. - Following the release of a second research report in December, the stock price experienced a decline, dropping below 15 RMB within two months [10]. Group 3: Regulatory Environment - The regulatory landscape for brokerage research reports has tightened, with multiple firms facing scrutiny for violations related to report issuance [15][16]. - In 2024, several brokerages were named for improper practices in their research report operations, highlighting a trend of increased regulatory oversight [15]. - The current regulations emphasize the need for objectivity, fairness, and thorough quality control in the production of research reports, with specific guidelines established by the China Securities Association [16][17].