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Core Viewpoint - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau due to the occupation of funds by related parties and failure to fulfill information disclosure obligations [1][4]. Group 1: Regulatory Actions - From February 2019 to December 2024, a subsidiary of Northern Rare Earth, Baotou Steel Group Energy Conservation and Environmental Protection Technology Co., Ltd., paid a total of 8.9485 million yuan in wages, benefits, and insurance for the controlling shareholder's subsidiary, Inner Mongolia Baolan Environmental Protection New Materials Co., Ltd. [4] - The warning letter identified this as a non-operating fund occupation by related parties, and Northern Rare Earth did not disclose this matter as required [4]. - On October 10, the Shanghai Stock Exchange had already issued a regulatory warning to Northern Rare Earth and its related party, requiring them to take effective measures to rectify the violations [4][5]. Group 2: Company Response - Northern Rare Earth stated that it takes the issues raised in the warning letter seriously and will strengthen internal management and improve information disclosure quality to prevent similar incidents in the future [8]. - The company emphasized that the administrative regulatory measures will not affect its normal business operations [8]. Group 3: Market Reaction - On October 13, amidst a surge in the rare earth sector, Northern Rare Earth's stock hit the daily limit, with a trading volume of approximately 21.5 billion yuan, making it the top stock by trading volume on that day [8].