Core Viewpoint - *ST Hengjiu has received a warning letter from the Jiangsu Securities Regulatory Bureau due to violations in insider information management, highlighting ongoing regulatory scrutiny and governance issues within the company [2][4]. Group 1: Regulatory Actions - The company has been issued a warning letter for non-compliance with the insider information registrant management regulations, specifically failing to maintain proper registration of insiders [4]. - Key executives, including the former chairman Yu Rongqing and board secretary Zhang Dongyun, are held primarily responsible for these violations [4]. - The Shenzhen Stock Exchange has also issued a regulatory letter to the company and its executives, urging strict adherence to securities laws and accurate information disclosure [4]. Group 2: Company Background and Financial Issues - *ST Hengjiu, officially known as Hengjiu Technology, operates in the imaging consumables and information security sectors, focusing on the development and sales of laser organic photoconductor products [6]. - The company has faced deteriorating management conditions, with a formal investigation initiated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [6]. - In June 2025, the company and its responsible parties were fined a total of 25.5 million yuan for false disclosures in multiple periodic reports from 2019 to 2021, with significant penalties imposed on key individuals [6]. - The company is at risk of delisting, having reported a net profit of -4,710.40 yuan and failing to meet revenue thresholds, leading to risk warnings on its stock [6]. Group 3: Market Performance - As of September 19, the stock price of *ST Hengjiu was 4.77 yuan per share, with a total market capitalization of approximately 1.282 billion yuan [7].

Core Viewpoint - *ST Hengjiu plans to acquire a stake in Shanghai Jingxin Technology Co., Ltd. to strengthen its business layout in the renewable energy photovoltaic sector, aiming to expand its business scale and enhance profitability [1][3]. Group 1: Acquisition Details - The company intends to acquire 3.57% of Jingxin Technology's equity by purchasing 5.92 million yuan of registered capital for 10 million yuan and will subscribe for an additional 25% equity by investing 70 million yuan for 414.7 million yuan of new registered capital [1]. - After the transaction, *ST Hengjiu will control a total of 43.04% of Jingxin Technology's equity, allowing it to consolidate the company into its financial statements [1]. Group 2: Financial Performance - Jingxin Technology reported a net asset value of 1.0631 million yuan and a total equity value of 2.12 billion yuan, indicating a significant appraisal increase of 2.11 billion yuan, with a valuation increase rate of 19842.27% [2]. - The company has not yet achieved profitability, with projected revenues of 7.7028 million yuan and a net loss of 11.7233 million yuan for 2024, and revenues of 10.0087 million yuan with a net loss of 4.9557 million yuan for the first four months of 2025 [2]. Group 3: *ST Hengjiu's Challenges - The company has faced declining performance, with net losses of 21.9084 million yuan, 32.6073 million yuan, and 47.1040 million yuan from 2022 to 2024 [3]. - For the first half of 2025, *ST Hengjiu anticipates revenues between 85 million yuan and 110 million yuan, with expected net losses ranging from 16.5 million yuan to 24.5 million yuan [3]. Group 4: Regulatory Issues - The company and its executives, including the chairman, faced penalties for information disclosure violations, resulting in an 8 million yuan fine for *ST Hengjiu and a 10 million yuan fine for the chairman, who is also banned from the securities market for five years [4].