Five A-share companies faced regulatory penalties after market hours on March 17. Shenzhen Injoinic Technology Co.,Ltd. (688209.SH), Shenzhen Yhlo Biotech Co.,Ltd. (688575.SH), Thinker Agricultural Machinery Co.,Ltd. (603789.SH), Hunan Creator Information Technologies Co.,Ltd. (300730.SZ), and Xingyun Technology Co.,Ltd. (300209.SZ) successively announced receiving administrative penalty decisions or prior notices. The specific violations varied widely: one company concealed equity agreements during restructuring, others engaged in hype around the "brain-computer interface" concept, and some directly manipulated financial data.
Shenzhen Injoinic Technology Co.,Ltd. and Shenzhen Yhlo Biotech Co.,Ltd. were penalized primarily for misleading statements related to the "brain-computer interface" concept. On January 5, Shenzhen Injoinic Technology Co.,Ltd. posed a question on an interactive platform inquiring about its progress in core chips for brain signal acquisition. The following day, the company claimed it had entered the brain-computer interface chip sector, launching the IPA1299 chip—an 8-channel, low-noise 24-bit ADC chip designed for high-precision measurement of human bioelectrical signals, applicable to brain-computer interface scenarios. It stated the chip was already in mass production with performance comparable to leading international products. However, under regulatory inquiry from the Shanghai Stock Exchange on January 7, Shenzhen Injoinic Technology Co.,Ltd. issued a clarification admitting its non-invasive technology path differed significantly from dominant invasive methods abroad, that the chip was co-developed with a minority-owned company, and that it was still in a market cultivation phase without substantial sales or revenue—contradicting earlier claims of mass production. The Shenzhen Securities Regulatory Bureau deemed the disclosures inaccurate and incomplete, constituting misleading statements, and proposed a combined fine of 8 million yuan against the company and its CEO/Chairman and Board Secretary.
Shenzhen Yhlo Biotech Co.,Ltd.'s case followed a similar pattern. On January 6, it announced a strategic partnership with Shenzhen Brain-Computer Star Chain Technology Co., Ltd. to jointly develop brain-computer interface products, boosting its stock price by 6.52% with a 299% surge in trading volume. During subsequent regulatory reviews, Shenzhen Yhlo Biotech Co.,Ltd. failed to fully disclose the actual development stage and progress of the partner’s products across multiple disclosures. This led to a combined fine of 7.5 million yuan for the company and its Chairman and Board Secretary. Notably, on the day of the penalty, the company also disclosed the resignation of its Board Secretary Wang Mingyang for "personal reasons."
Xingyun Technology Co.,Ltd.'s case involved concealed equity agreements, though the penalty targeted only its former controlling shareholder Xiao Siqing, current controller Wang Wei, and their affiliate Shenzhen Tianxingyun Supply Chain Co., Ltd. During the restructuring of its predecessor "Youkeshu" from September 2024 to March 2025, these parties privately signed agreements and commitment letters that could significantly alter the company’s equity structure—documents critical to restructuring progress and investor decisions but never disclosed. The Hunan Securities Regulatory Bureau fined Xiao Siqing 3.5 million yuan, Tianxingyun 3 million yuan, and Wang Wei 3.5 million yuan for disclosure failures. Xingyun Technology Co.,Ltd. responded that the penalties affected only shareholders and control remained stable.
Thinker Agricultural Machinery Co.,Ltd. and Hunan Creator Information Technologies Co.,Ltd. were penalized for financial fraud. Thinker Agricultural Machinery Co.,Ltd. inflated 2023 revenue by 60.73 million yuan (19.69% of disclosed revenue) and profits by 5.29 million yuan (9.77% of total profit) through fictitious cotton harvesting and consulting services via a subsidiary, with corrections only made in September 2025. Hunan Creator Information Technologies Co.,Ltd. improperly used gross method revenue recognition for a server and software sales deal in April 2023 despite lacking control of the goods, overstating half-year revenue by 46.32 million yuan (33.57%) and profits by 12.79 million yuan (71.94%), with corrections delayed by a year. Fines totaled 6.9 million yuan for Thinker Agricultural Machinery Co.,Ltd. and 3.7 million yuan for Hunan Creator Information Technologies Co.,Ltd., covering executives and involved financial staff.
On March 18, Shenzhen Injoinic Technology Co.,Ltd. rose 3.38% to 21.74 yuan with net main fund inflows of 13.47 million yuan, while Shenzhen Yhlo Biotech Co.,Ltd. fell 0.79% to 15.15 yuan with outflows of 3.88 million yuan. Thinker Agricultural Machinery Co.,Ltd. gained 4.97% to 6.13 yuan but warned of abnormal volatility, and Hunan Creator Information Technologies Co.,Ltd. jumped 8.21% to 13.57 yuan. Xingyun Technology Co.,Ltd. closed up 5.78% at 11.01 yuan after early declines.
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