On the evening of December 31, 2025, Xi'An Bright Laser Technologies Co.,Ltd. (BLT), Shandong Zhangqiu Blower Co.,Ltd., and Tus-Design Group Co.,Ltd. all announced that they were subject to立案 (filing of cases) by the China Securities Regulatory Commission (CSRC). Regarding the specific reasons for the立案, Shandong Zhangqiu Blower stated it was due to suspected violations of laws and regulations related to financial information disclosure in periodic reports, leading the CSRC to decide to investigate the company. In contrast, BLT and Tus-Design Group provided more general statements, indicating the investigations were due to the companies' suspected violations of information disclosure laws and regulations.
Prior to this, on December 18, 2025, Shandong Zhangqiu Blower had released an "Announcement on Receiving the Administrative Supervision Measures Decision Letter from the Shandong CSRC Bureau." The Shandong CSRC Bureau found that Shandong Zhangqiu Blower had the following issues: First, violations in the review and information disclosure of related-party transactions. Disclosures of related-party transactions in the 2024 interim report and the 2024 annual report, as well as related-party receivables and payables, were inaccurate; some related-party transactions between 2020 and 2024 reached the deliberation threshold but were not timely subjected to deliberation procedures and information disclosure obligations. Second, violations in the use of raised capital. In 2024, the company used raised capital to purchase non-principal-guaranteed wealth management products; four products purchased for cash management could not be fully redeemed within the management period authorized by the board of directors; when using raised funds to replace the initial investment in related fundraising projects, the company also replaced subsequent project expenditures that continued to be paid with自有资金 after the raised funds were received; expenditures for some fundraising projects were not paid directly from the special raised capital account. Third, irregular corporate governance. During votes on related matters at some shareholders' meetings, related shareholders served as vote scrutineers; the register of company participants in the major process memorandum for inside information in the 2023 annual report was incomplete and inconsistent with the insider information custodian files.
BLT had already received an Administrative Supervision Measures Decision Letter from the Shaanxi CSRC Bureau on January 24, 2025, titled "Decision on Ordering Corrections from Xi'An Bright Laser Technologies Co., Ltd. and Issuing Warning Letters to Xue Lei and Liang Kejing" . Subsequently, based on the issues pointed out in the administrative supervision measures letter, BLT made accounting error corrections on April 28, 2025. Tus-Design Group, on the other hand, decided to correct prior accounting errors and make retrospective adjustments to multiple periodic reports just one day before the company received the "Case Filing Notice."
Zhang Yun, a partner at Jiangsu Zhenze Law Firm, stated that it is currently uncertain whether the CSRC investigations into the three listed companies are related to the previously exposed information disclosure violations. Therefore, it is preliminarily determined that investors who suffered losses – specifically, those who purchased shares of BLT, Shandong Zhangqiu Blower, or Tus-Design Group before December 31, 2025, and sold or continued to hold them after January 1, 2026 – may meet the conditions for claiming compensation. The specific eligibility period will require further adjustment after the CSRC issues administrative penalties.
(This article was contributed by Zhang Yun, Partner at Jiangsu Zhenze Law Firm, and does not represent the views of Sina Finance. Lawyer Zhang Yun, a partner at Jiangsu Zhenze Law Firm, holds a Master of Laws degree, has conducted in-depth research on securities and financial law, has been engaged in securities litigation for many years, and has accumulated numerous successful cases where investors obtained compensation.)
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