Zhong Guo Jing Ji Wang·2026-01-05 06:36Core Viewpoint - Demar Technology (688360.SH) received an administrative regulatory measure decision from the Zhejiang Securities Regulatory Bureau, indicating violations related to the use of raised funds and inaccurate information disclosure [1][2][3]. Group 1: Regulatory Violations - From July 30 to August 5, 2020, Demar Technology used raised funds to pay unrelated land fees amounting to 5.8 million yuan [1]. - Between August 31, 2020, and September 27, 2023, the company used raised funds to cover expenses for a non-project "landscape restaurant" totaling 3.9451 million yuan [1]. - The company disclosed inaccuracies in its semi-annual and annual reports regarding the management and use of raised funds from March 2021 to August 2025 [1]. Group 2: Accountability of Company Personnel - The chairman and general manager, Zhuo Xu, the then financial officer, Chen Xueqiang, the then board secretary, Guo Aihua, and the current financial director and board secretary, Huang Hai, failed to ensure proper use of raised funds and fulfill information disclosure obligations [2]. - The actions of these individuals violated multiple regulations outlined in the Securities Regulatory Guidelines and Information Disclosure Management Measures [2]. Group 3: Regulatory Measures and Company Response - The Zhejiang Securities Regulatory Bureau decided to issue warning letters to the company and the aforementioned individuals, which will be recorded in the securities market integrity archives [3]. - Demar Technology expressed its commitment to addressing the issues raised in the decision and will submit a written rectification report to the Zhejiang Securities Regulatory Bureau within the specified timeframe [3]. - The company aims to enhance its compliance with securities laws and improve the quality of information disclosure to protect the interests of shareholders and promote stable, high-quality development [3]. Group 4: Company Financial Information - Demar Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 2, 2020, issuing 21,419,150 shares at a price of 25.12 yuan per share [4]. - The total amount raised from the initial public offering was 538.049 million yuan, with a net amount of 460.9362 million yuan, exceeding the original fundraising target by 82.9551 million yuan [4]. - The total issuance costs for the IPO were 77.1128 million yuan, with Everbright Securities receiving 55.5799 million yuan in underwriting and sponsorship fees [4].