Core Viewpoint - The article highlights the ongoing stringent regulatory environment in China's stock market, with multiple companies facing penalties for financial misconduct, particularly focusing on ST Huilun's significant fines for financial fraud and related issues [1][4][10]. Group 1: Regulatory Actions and Penalties - On January 12, 2026, ST Huilun was fined 11.4 million for concealing related party fund occupation and committing financial fraud over two consecutive years [1][4]. - In the first nine working days of 2026, at least six listed companies received regulatory penalties or investigation notices, continuing the "zero tolerance" regulatory approach established in 2025 [1][7]. - In 2025, over 80 companies were investigated for information disclosure violations, with nearly 80 receiving administrative penalties, including 15 that faced mandatory delisting due to severe violations, marking a historical high [1][12]. Group 2: Specific Cases of Financial Misconduct - ST Huilun's penalties stemmed from related party fund occupation amounting to 28.33 million, which was not disclosed in annual reports, and subsequent financial fraud to cover up this issue [3][4]. - The company inflated its revenue by approximately 25.49 million in 2021 and 62.33 million in 2022, leading to false financial statements [3][4]. - Another company, Jushi Chemical, was penalized for financial fraud involving inflated revenue of 157 million and costs of 158 million in its 2023 semi-annual report [8]. Group 3: Trends in Regulatory Environment - The regulatory environment in 2026 is characterized by a continued emphasis on strict oversight, with expectations of a high number of penalties for violations [10][12]. - The types of violations leading to penalties are diverse, including not only financial fraud but also related party fund occupation and disclosure violations by controlling shareholders [10][12]. - The regulatory focus aims to promote timely rectification of issues within companies, enhancing overall market quality and reducing the number of penalized companies in the future [10][12].

Core Viewpoint - In early 2026, multiple listed companies faced penalties for violations, indicating a continuation of the strict regulatory environment established in 2025, which saw a record number of companies penalized for information disclosure violations [1] Group 1: Regulatory Environment - The new delisting regulations have been enforced, with companies facing delisting after three consecutive years of financial fraud, leaving shell companies with no escape [1] - The approach of "hunting the mastermind and punishing accomplices" has been adopted, with significant penalties imposed on actual controllers to uncover the profit chain behind fraud [1] - Technological advancements have enabled "penetrating" supervision, making it difficult for complex fraud schemes to evade detection [1] Group 2: Company Responses - The penalties serve as a means to promote reform, with most listed companies having the opportunity to return to compliance if they actively rectify their issues [1] - Companies that continue to operate under the assumption that they can evade detection may face further significant penalties in the future [1]

Group 1 - The core point of the article highlights that ST Huilun (300460) has faced regulatory penalties due to violations in information disclosure, specifically related to financial report inaccuracies from 2020 to 2022 [1][2] - On January 13, 2026, ST Huilun's stock closed at 8.91 yuan, down 1.22%, with a turnover rate of 7.32% and a trading volume of 205,600 shares, amounting to a transaction value of 184 million yuan [1] - The company received a total fine of 3 million yuan from the China Securities Regulatory Commission (CSRC) for failing to disclose significant financial information and for fabricating revenue and costs in its financial reports [1][2] Group 2 - On January 13, 2026, the net outflow of main funds was 17.58 million yuan, while retail and speculative funds showed a net inflow [2] - The company has stated that it has returned the occupied funds and that its production and operations are normal, indicating that the penalties do not lead to a situation of mandatory delisting due to major violations [1]

Core Viewpoint - Guangdong Huilun Crystal Technology Co., Ltd. has been penalized for information disclosure violations, including undisclosed fund occupation and false records in annual reports, resulting in a total fine of 11.4 million yuan [1][4]. Group 1: Violations and Penalties - Huilun Crystal failed to disclose fund occupation matters as required, with a significant omission in the 2020 annual report [2]. - The company transferred a total of 28.33 million yuan to related parties under the guise of equipment and material purchases, which were ultimately used to repay debts of the controlling shareholder [2]. - The Guangdong Securities Regulatory Bureau imposed a fine of 3 million yuan on Huilun Crystal and 4 million yuan on its actual controller Zhao Jiqing, with additional fines for four other executives ranging from 600,000 to 1.5 million yuan, totaling 11.4 million yuan [3][4]. Group 2: Financial Misrepresentation - Huilun Crystal's 2021 and 2022 annual reports contained false records, including fictitious procurement and sales, leading to inflated revenues of 25.49 million yuan and 62.33 million yuan, which represented 3.89% and 15.79% of the reported revenues for those years [3]. - The company also inflated its total profit by 8.45 million yuan in 2021 and reported a profit reduction of 1.41 million yuan in 2022, accounting for 6.13% and 0.91% of the total profit for those periods [3]. Group 3: Future Compliance Measures - Huilun Crystal has stated its commitment to improving internal governance, enhancing the quality of information disclosure, and strictly adhering to relevant laws and regulations to protect the interests of the company and its investors [4].

Group 1 - The company and related parties received an administrative penalty from the Guangdong Securities Regulatory Commission for undisclosed fund occupation and false reporting from 2020 to 2022 [1][4] - The company was fined 3 million yuan, with the actual controller and former chairman Zhao Jiqing fined 4 million yuan, and four other executives fined between 600,000 to 1.5 million yuan [1][4] - The violations formed a complete chain of "fund occupation - fraud cover-up - continuous violations" [2][4] Group 2 - In 2020, the company made payments under the guise of purchasing equipment and prepaying project funds, which were ultimately transferred to accounts of related parties of the actual controller [2][4] - The total amount of fund occupation in 2020 reached 28.33 million yuan, with a year-end balance of 26.63 million yuan, accounting for 5.12% of the company's disclosed net assets [2][4][5] - The company failed to disclose this information in its 2020 annual report, constituting a significant omission [5] Group 3 - To cover up the traces of fund occupation, the company engaged in systematic financial fraud from 2021 to 2022, including fictitious reporting of raw materials and fixed assets [5]

Core Viewpoint - ST Huilun faces severe challenges due to penalties for information disclosure violations, leading to a significant loss of trust and reputation in the market [1][3]. Group 1: Penalties and Financial Performance - ST Huilun was fined 3 million yuan, and the actual controller and former chairman Zhao Jiqing was fined 4 million yuan for undisclosed fund occupation and false annual report records from 2020 to 2022 [1]. - For the third quarter of 2025, ST Huilun reported a 4.7% year-on-year decline in operating revenue and a net loss attributable to shareholders of 76.12 million yuan, a staggering 4566.6% increase in losses compared to the previous year [1]. Group 2: Trust Crisis and Market Reaction - The company's stock was placed under risk warning, changing its name to "ST Huilun," reflecting market punishment for its violations and resulting in a significant drop in investor confidence [1]. - The volatility in the stock price indicates market unease regarding the company's future prospects and trustworthiness [1]. Group 3: Proposed Measures for Recovery - ST Huilun plans to cooperate with the regulatory investigation and enhance its information disclosure practices, which is seen as a necessary first step [2]. - The company needs to strengthen internal control processes, improve financial data management, and ensure the accuracy of disclosures, particularly regarding fund occupation and related transactions [2]. - It is essential for ST Huilun to enhance its governance structure, clarify responsibilities among the board, supervisory board, and management, and prevent power abuse [2]. - The company should focus on market demand changes, optimize product structure, and enhance competitiveness through technological innovation and business expansion to regain market recognition [2][3].

Core Viewpoint - ST Huilun has been penalized by the Guangdong Securities Regulatory Bureau for significant violations, including failure to disclose fund occupation and falsifying financial reports, resulting in a total fine of 11.4 million yuan [1][4]. Group 1: Violations - The company failed to disclose fund occupation matters in its 2020 annual report, with a total fund occupation amounting to 28.33 million yuan, which constituted 5.12% of the net assets disclosed in the report [2]. - ST Huilun inflated its revenue and costs in the 2021 and 2022 annual reports, with inflated revenues of 25.49 million yuan and 62.33 million yuan, representing 3.89% and 15.79% of the reported revenues for those years, respectively [3]. Group 2: Penalties - The Guangdong Securities Regulatory Bureau imposed a fine of 3 million yuan on ST Huilun and ordered corrective actions [4]. - The actual controller, Zhao Jiqing, was fined 4 million yuan for his direct involvement in the violations, while other executives received fines ranging from 60,000 to 1.5 million yuan [5][6]. Group 3: Company Background - ST Huilun is a national high-tech enterprise specializing in the research, production, and sales of new surface-mounted quartz crystal resonators, oscillators, and thermistors, listed on the Growth Enterprise Market since May 2015 [7]. - As of January 12, the company's stock price was 9.02 yuan per share, with a total market capitalization of 2.533 billion yuan [7].

Core Viewpoint - ST Huilun (300460) has faced regulatory penalties for information disclosure violations, impacting its financial reporting and leading to a total fine of 7 million yuan for the company and its actual controller [1][2]. Trading Information Summary - On January 12, ST Huilun closed at 9.02 yuan, up 10.27%, with a turnover rate of 11.33%, a trading volume of 318,100 shares, and a transaction value of 282 million yuan [1]. - The net inflow of main funds was 18.62 million yuan, indicating increased short-term interest from major investors [2]. Company Announcement Summary - The company and its actual controller, Zhao Jiqing, received an administrative penalty from the China Securities Regulatory Commission (CSRC) for failing to disclose fund occupation issues in 2020 and for inflating revenue and costs through fictitious transactions in 2021 and 2022 [1]. - The penalties included a fine of 3 million yuan for the company and 4 million yuan for Zhao Jiqing, with other responsible parties also receiving warnings and fines [1]. - The company has stated that it has returned the occupied funds and that its production and operations are normal, asserting that the penalties do not trigger major violations that would lead to forced delisting [1].

Core Viewpoint - ST Huilun has been penalized a total of 11.4 million yuan due to significant omissions and false records in its financial reports, as confirmed by the China Securities Regulatory Commission [2][4]. Group 1: Regulatory Findings - ST Huilun failed to disclose fund occupation matters in its 2020 annual report, with a total fund occupation amounting to 28.33 million yuan, which constituted 5.12% of the net assets disclosed in the report [4][6]. - The company inflated costs and revenues in its 2021 and 2022 annual reports, with inflated operating revenues of 25.49 million yuan and 62.33 million yuan, representing 3.89% and 15.79% of the reported revenues for those years, respectively [6][5]. Group 2: Penalties Imposed - The Guangdong Securities Regulatory Bureau has ordered ST Huilun to rectify its issues, issued a warning, and imposed a fine of 3 million yuan on the company [7]. - Zhao Jiqing, the actual controller and chairman, was fined 4 million yuan for his direct responsibility in the violations, while other executives received fines ranging from 60,000 to 1.5 million yuan [8][9]. Group 3: Company Background and Current Status - ST Huilun is a national high-tech enterprise specializing in the research, production, and sales of new surface-mounted quartz crystal resonators, oscillators, and thermistors, listed on the Growth Enterprise Market since May 2015 [9]. - As of January 12, the company's stock price was 9.02 yuan per share, with a total market capitalization of 2.533 billion yuan [10].

Core Viewpoint - ST Huilun has been penalized a total of 11.4 million yuan due to significant omissions and false records in its financial reports, as determined by the Guangdong Securities Regulatory Bureau [2][6]. Group 1: Violations - The company failed to disclose fund occupation matters in its 2020 annual report, with a total fund occupation amounting to 28.33 million yuan, which constituted 5.12% of the net assets disclosed in the report [5]. - In the 2021 and 2022 annual reports, ST Huilun inflated revenue by 25.49 million yuan and 62.33 million yuan respectively, representing 3.89% and 15.79% of the reported revenue for those years [5]. - The company also inflated total profits by 8.45 million yuan in 2021 and reduced profits by 1.41 million yuan in 2022, accounting for 6.13% and 0.91% of the reported total profits [5]. Group 2: Penalties - The Guangdong Securities Regulatory Bureau has ordered ST Huilun to rectify its practices, issued a warning, and imposed a fine of 3 million yuan on the company [6]. - The actual controller, Zhao Jiqing, was fined 4 million yuan and warned for his direct involvement in the violations [8]. - Other executives, including Han Qiaoyun and Deng Youqiang, received fines of 1.5 million yuan each, while other responsible personnel were fined between 60,000 and 800,000 yuan [9]. Group 3: Company Response - ST Huilun has expressed sincere apologies to investors and committed to improving internal governance, enhancing the quality of information disclosure, and complying with relevant laws and regulations [9]. - As of January 12, the company's stock price was 9.02 yuan per share, with a total market capitalization of 2.533 billion yuan [10].