Affected investors can register for claims on the SINA shareholder rights protection platform at: http://wq.finance.sina.com.cn/. They can also find the platform by following @SINA Securities on social media, following SINA Securities on WeChat, searching for "SINA Shareholder Rights Protection" on Baidu, accessing the SINA Finance client, or visiting the SINA Finance homepage.
Looking back at this case, on October 31, 2025, Meichen Technology announced it had received an "Administrative Penalty Decision" from the Shandong Securities Regulatory Bureau. Regulatory investigations revealed that the company's financial fraud spanned a lengthy five-year period, from 2014 to 2018. This fraud case was closely linked to a high-premium acquisition the company made in 2014. Between 2014 and 2018, the company cumulatively inflated revenue by 1.438 billion yuan and inflated profits by 658 million yuan, resulting in false records in its annual reports for those five years.
According to the investigation, after the acquisition was completed, Sais Garden became a wholly-owned subsidiary of Meichen Technology. The subsidiary, Sais Garden, inflated project construction costs and completion percentages through fraudulent procurement of labor and seedlings, thereby inflating revenue and profits. It also inflated revenue and profits through means such as fraudulent sales of seedlings, artificially reducing related expenses, and misstating revenue and costs. Such fraudulent behavior not only violated securities laws and regulations but also severely misled investors' assessment of the company's value.
Taking legal action to protect one's legitimate rights and interests has become a consensus among market participants. Attorney Liu Peng from Shanghai Huzi Law Firm stated that the case is currently progressing as a model case hearing. However, claims are still being solicited. Once the model judgment is issued, subsequent cases will be processed more quickly. Based on the penalty, the claim conditions are for investors who purchased the shares between March 12, 2015, and March 31, 2025 (inclusive), and either sold them after April 1, 2025, or continue to hold them, resulting in losses. It is worth noting that the listed company will not proactively compensate without a lawsuit being filed. Affected investors can check if they meet the claim conditions and register for compensation accordingly.
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