Zhong Guo Jing Ji Wang·2025-10-24 06:23Core Viewpoint - Dongguan Kaige Precision Machinery Co., Ltd. has been found to have violated regulations regarding the use of raised funds, leading to corrective measures imposed by the Guangdong Securities Regulatory Bureau and warnings issued to key executives [1][2][3]. Group 1: Violations of Fund Usage - The company exceeded the planned salary payments for the "Research and Testing Center Project" by CNY 26.91 million, with total salary payments amounting to CNY 44.80 million instead of the disclosed CNY 17.89 million [1][2][19]. - The company improperly allocated CNY 522.53 million in salaries for temporary employees and interns unrelated to the "Precision Intelligent Manufacturing Equipment Production Base Construction Project" [1][2][20]. Group 2: Regulatory Actions - The Guangdong Securities Regulatory Bureau has mandated corrective actions for the company and issued warning letters to Chairman Qiu Guoliang, former General Manager Liu Xiaoning, former CFO Song Kaiping, and Secretary Qiu Jinglin [2][3][19]. - The Shenzhen Stock Exchange has also issued a regulatory letter citing violations of the "Entrepreneurial Board Stock Listing Rules" and the "Self-Regulatory Guidelines for Listed Companies" [3][20][21]. Group 3: Company Background - Kaige Precision Machinery was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 16, 2022, raising a total of CNY 880.27 million, with a net amount of CNY 819.97 million after deducting issuance costs [4][5]. - The company is controlled by Qiu Guoliang and Peng Xiaoyun, with Qiu serving as the Chairman since September 2019 [5][6].