Ronbay Technology(SH:688005) Xin Lang Cai Jing·2026-01-20 09:20Core Viewpoint - Rongbai Technology is under investigation by the China Securities Regulatory Commission (CSRC) for allegedly misleading statements regarding its lithium iron phosphate procurement agreement with CATL, leading to a significant drop in its stock price and market value [1][7][13]. Group 1: Company Announcement and Market Reaction - On January 13, Rongbai Technology announced a procurement agreement with CATL to supply approximately 3.05 million tons of lithium iron phosphate from Q1 2026 to 2031, with a projected total sales amount exceeding 120 billion yuan [3][9]. - Following the announcement, the Shanghai Stock Exchange issued an inquiry letter to Rongbai Technology, requesting verification and additional disclosure of key information regarding the agreement, including the basis for the sales amount and the company's ability to fulfill the contract [3][4]. - Upon resuming trading on January 19, Rongbai Technology's stock price fell by over 11%, resulting in a market value loss of approximately 2.98 billion yuan [2][6][13]. Group 2: Internal Control and Disclosure Issues - In its response to the inquiry on January 18, Rongbai Technology clarified that the 120 billion yuan figure was not a contractual term but rather an estimate based on future product prices and quantities, indicating a lack of completeness and rigor in the initial announcement [4][10]. - The company disclosed that the announcement was made without the chairman's approval, raising concerns about the effectiveness of its internal controls and disclosure mechanisms [4][10][13]. - The CSRC's investigation into the misleading statements regarding the major contract has become a pivotal point in this incident, highlighting the importance of proper governance in publicly listed companies [6][13].