POS terminal manufacturer *ST Tianyu has announced that its controlling shareholder, Yan Chunyu, has been penalized by the regulatory authority.
The Hubei Securities Regulatory Bureau has issued an administrative penalty decision against Yan Chunyu, one of the company's actual controllers. He has been given a warning and fined 13.5 million yuan for organizing and instructing *ST Tianyu and related personnel to engage in the illegal activities involved in the case.
The investigation found that *ST Tianyu committed the following violations. First, it failed to disclose related-party transactions as required, resulting in major omissions in its 2023 annual report. From October 2022 to December 2023, Tianyu Information conducted module product transactions totaling 187.6258 million yuan with related party Jinruitong, constituting related-party transactions. Furthermore, from November 2022 to April 2024, actual controller Yan Chunyu misappropriated non-operating funds from the listed company by intercepting payments Jinruitong owed to the company and instructing partnerships within the company's consolidation scope to transfer funds.
Second, the company failed to disclose major guarantees as required, resulting in major omissions in its 2024 semi-annual report. On April 22, 2024, Tianyu Information issued a Letter of Commitment to Hangzhou Yuexiu Trading Co., Ltd., promising to assume joint liability for the repayment of principal and interest on a 60 million yuan loan provided by Hangzhou Yuexiu to Jinruitong, Shenzhen Puhangwang Technology Co., Ltd., Yan Chunyu, and other entities. The next day, the company signed two Guarantee Contracts with Huzhou Civil Financing Service Center, providing joint liability guarantees for 200 million yuan in loans to individuals Zhang and Pan, and a 30 million yuan loan to Yan Chunyu. These three guarantees totaled 290 million yuan, accounting for 20.11% of the net assets for the period. The personal guarantee for Yan Chunyu amounted to 90 million yuan, representing 6.24%.
Yan Chunyu, who was the chairman of Tianyu Information at the time, was aware of the involved guarantees, related-party transactions, and non-operating fund misappropriation. He failed to promptly organize the company's information disclosure, did not ensure disclosure in the relevant periodic reports, and signed the company's 2023 annual report and 2024 semi-annual report, attesting to their truthfulness, accuracy, and completeness. He is thus directly responsible for the company's violations.
Simultaneously, as one of the actual controllers of Tianyu Information, Yan Chunyu, due to his own funding needs, violated listed company decision-making procedures and seal management systems by signing the Guarantee Contracts and Letter of Commitment. He organized and instructed the misappropriation of listed company funds and concealed the above circumstances. This constitutes "the controlling shareholder or actual controller of the issuer organizing or instructing others to commit the aforementioned illegal acts, or concealing relevant matters leading to the occurrence of the aforementioned circumstances" as described in Article 197, Paragraph 2 of the Securities Law.
The Hubei Bureau decided to give Yan Chunyu a warning and impose a fine of 13.5 million yuan, comprising 4.5 million yuan for his role as the directly responsible executive and 9 million yuan for his role as the actual controller. Additionally, Yan Chunyu has been barred from the securities market for 5 years.
Multiple Company Officials Previously Penalized
As early as June 6, 2025, *ST Tianyu disclosed that the company and one of its actual controllers, Yan Chunyu, had each received a Notice of Case Filing from the China Securities Regulatory Commission on suspicion of information disclosure violations. On April 17, 2026, the company received an Advance Notice of Administrative Penalty from the Hubei Bureau.
According to that document, the Hubei Bureau intended to order *ST Tianyu to make corrections, issue a warning, and impose a fine of 6 million yuan. To date, this intended penalty against the listed company has been finalized, consistent with the advance notice.
The Advance Notice of Administrative Penalty from this past April also indicated that, in addition to Yan Chunyu, the regulator intended to issue warnings and fines of 2.5 million yuan each to Shen Jinchang (not a director, supervisor, or senior executive of *ST Tianyu, but whose actions had a direct causal relationship with the company's information disclosure violations), former Vice President, General Manager, and Director Dan Mingbo, and former Vice President and Director Zeng Zhaoxiang. Furthermore, warnings and fines of 2 million yuan each were intended for former Vice President and CFO Zhang Yanju, and former Vice President and Board Secretary Wan Jun.
The Hubei Bureau's website shows that penalties for Zeng Zhaoxiang, Zhang Yanju, and Wan Jun have been finalized, with the results consistent with the Advance Notice, issued on June 17, April 30, and April 30, respectively.
In a disclosure on the evening of June 29, *ST Tianyu stated that all its business operations and activities are proceeding normally, and the issuance of the Penalty Decision to Yan Chunyu will not have a significant impact on the company's production and operations.
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