Due to the exaggeration of cooperation with Huawei and the imperfect information disclosure, Duolun Technology received a regulatory warning letter.
Duolun Technology announced on the evening of December 21 that it recently received the decision of the Jiangsu Supervision Bureau of the China Securities Regulatory Commission on issuing warning letters to Duolun Technology Co., Ltd., Zhang Anqiang and Ruan Wei. On the same day, the Shanghai Stock Exchange also issued a regulatory warning to the company and the relevant responsible persons.
Image source: Company announcement
Previously, the harvest of "five consecutive boards"
In March, August, and September this year, Duolun Technology repeatedly replied to investors on the SSE interactive platform, saying that "the company is one of the important partners of Huawei's Ascend AI industry chain."
Image source: SSE interactive platform
During the performance briefing from 14 to 15 o'clock on November 10 this year, Duolun Technology replied to investors' questions: "At present, the Alice GNSS high-precision positioning chip of Hunan Beiyun Technology Co., Ltd. has passed the international authoritative ISO26262 functional safety product certification, becoming the first high-precision positioning chip in China and the second in the world to obtain this certification".
Affected by the above news, the company's stock price on the next trading day (November 13) directly rose to the limit, with the outbreak of Huawei concept stocks and Ascend concept stocks in the market, Duolun Technology closed five consecutive daily limits from November 13 to November 17.
Image source: Wind
In the transaction risk warning announcement disclosed on the evening of November 17, Duolun Technology said that it replied to investors about the cooperation with Huawei Ascend on the SSE interactive platform in the early stage, mainly referring to obtaining Huawei's corresponding technical certification, that is, compatibility testing, and purchasing Huawei's products from third parties according to product implementation requirements. Except for the foregoing, the Company currently has no business cooperation with Huawei, and does not sell products or provide services to Huawei.
According to public information, Duolun Technology's main business is four product systems: smart vehicle management, smart driver training, smart city and smart vehicle inspection. Among them, the smart vehicle management and smart driver training business focuses on driver training and testing, as well as the informatization of vehicle management offices.
There are two problems with the letter
According to the "Warning Letter" issued by the Jiangsu Securities Regulatory Bureau, Duolun Technology mainly has two problems: inaccurate information disclosure and imperfect information disclosure system.
In terms of inaccurate information disclosure, Duolun Technology's statement that it is "one of the important partners of Huawei's Ascend AI industry chain" is not based on sufficient evidence, exaggerates the cooperative relationship, and is misleading for investors to judge the company's position in Huawei's Ascend-related industry chain.
Zhang Anqiang, chairman and general manager of the company, and Ruan Wei, secretary of the board of directors, failed to be diligent and conscientious, and were primarily responsible for the above-mentioned violations of the company, which violated the provisions of Article 4 of the "Information Disclosure Measures".
In terms of the imperfect information disclosure system, Duolun Technology disclosed the relevant content of Beiyun Technology's chips at the third quarter of 2023 performance briefing. After investigation, the company released the information provided by the staff of Hunan Beiyun Technology Co., Ltd. without verification, resulting in insufficient basis for the relevant information disclosed, incomplete content, insufficient risk disclosure, etc.
The Company has not formulated a system for releasing information through the SSE e-interactive platform and performance briefings, and the above-mentioned acts of releasing relevant information to the public without verification have violated the provisions of Article 33, Paragraph 2 of the Information Disclosure Measures.
In accordance with the provisions of Article 52 of the "Information Disclosure Measures", the Jiangsu Securities Regulatory Bureau took administrative supervision measures to issue warning letters to Duolun Technology and relevant responsible persons, and recorded them in the integrity file of the securities and futures market.
The Jiangsu Securities Regulatory Bureau requires the company to attach great importance to it, in strict accordance with the laws, administrative regulations and the relevant provisions of the China Securities Regulatory Commission, standardize the implementation of the information disclosure system, strengthen the management of information disclosure, and conscientiously fulfill the obligation of information disclosure.
The Shanghai Stock Exchange issued a warning
In addition, the Shanghai Stock Exchange also issued a regulatory warning to Duolun Technology, Zhang Anqiang, then chairman and general manager, and Ruan Wei, then secretary of the board of directors, and required the company and its directors, supervisors and senior executives to take effective measures to rectify relevant violations, and combined with the pointed violations, conduct in-depth investigations on the company's information disclosure and compliance hidden dangers in standardized operation, formulate targeted preventive measures, and effectively improve the company's information disclosure and standardized operation.
Image source: Announcement
Duolun Technology said that the company and relevant responsible persons attach great importance to the relevant matters in the "Warning Letter", and will earnestly learn lessons and take them as a warning, further strengthen the study and Xi of the "Measures for the Management of Information Disclosure of Listed Companies" and related laws and regulations, fulfill the obligation of information disclosure in accordance with the law, continue to improve the quality of the company's information disclosure, improve the company's standardized operation level, ensure the truthfulness, accuracy and completeness of the company's information disclosure, and resolutely avoid the recurrence of such incidents.
Reviewer: Ren Mingjie Editor: Li Ruoyu Zhang Zhixuan Signed: Fei Yangsheng