Wintao Communications Faces Penalties for IPO Fraud: Falsified 660 Million in Revenue Over Four Years, Investors Eligible for Compensation

Deep News05-18 16:52

The company is a nationwide, comprehensive provider of communication technology services, primarily focused on communication network maintenance and optimization, network construction, and other related services, including ICT services. It is a key service provider for major telecommunications operators such as China Mobile, China Telecom, and China Unicom, as well as for China Tower, a communications infrastructure operator, and communications equipment manufacturers. The company was officially listed on the Growth Enterprise Market of the Shenzhen Stock Exchange on July 8, 2022.

According to the Shenwan industry classification (2021), Wintao Communications falls under the sector of Communications - Communication Services - Communication Engineering and Services.

On July 11, 2025, the company received a "Notice of Case Filing" from the China Securities Regulatory Commission (CSRC) (Case No.: CSRC Filing No. 03720253016), as it was placed under investigation for suspected violations related to false records of financial data in annual reports and other information disclosure documents.

On May 8, 2026, Wintao Communications Co., Ltd. (referred to as "Wintao Communications" or "the company") and related parties received the "Advance Notice of Administrative Penalty" from the CSRC (Penalty No. [2026] 14). The investigation revealed that from 2019 to 2021, Wintao Communications inflated its operating revenue by fabricating work completion confirmations and other methods, with amounts of 65,902,640.59 yuan, 160,688,291.80 yuan, and 263,632,076.14 yuan, respectively. These figures accounted for 8.75%, 13.12%, and 16.23% of the operating revenue disclosed in the "Prospectus" (draft, meeting version, and registration version) for the years 2019 to 2021. Wintao Communications included major false content in its announced securities issuance documents. In 2022, the company further inflated its operating revenue by 166,218,396.33 yuan using similar methods, representing 7.87% of the operating revenue disclosed in its 2022 annual report.

Following the case filing, the trading status of the stock is as follows:

Eligibility for Compensation: Investors, including individual and institutional investors, who purchased shares between July 8, 2022, and July 11, 2025, and sold or continued to hold them on or after July 12, 2025, may be eligible for compensation.

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