Affected investors can register claims against the company on Sina's investor rights protection platform: http://wq.finance.sina.com.cn/.
On November 13, 2025, Zhejiang Tony Electronic Co.,Ltd. announced that it had received the "Administrative Penalty Decision" issued by the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission (CSRC). Shanghai Jiucheng Law Firm noted that the company's violations are now clear, and investors who suffered losses may now file claims.
Attorney Xu Feng, representing affected investors, has submitted multiple claim cases to the court. The legal team continues to process additional filings and is accepting further investor claims.
The "Administrative Penalty Decision" revealed the following violations:
1. **Delayed Disclosure of Major Contract Progress** On January 9, 2023, Tony Semiconductor, a subsidiary of Zhejiang Tony Electronic, signed a procurement contract with Guangdong Tianyu Semiconductor Co., Ltd., agreeing to deliver 135,000 6-inch silicon carbide substrates monthly from May to December 2023, totaling CNY 675 million—51.84% of the company’s latest audited revenue. The contract was disclosed on January 10, 2023.
However, actual monthly deliveries fell short of the agreed plan. By October 2023, only 6.74% of the contract was fulfilled, indicating failure to meet obligations. The company delayed disclosing this material breach until January 6, 2024.
2. **Misrepresentation in 2022 Annual Report and 2023 Interim Report** - **Underreporting R&D Expenses and Overstating Profits** Tony Semiconductor incorrectly classified defective crystals as inventory instead of R&D expenses, underreporting R&D costs by CNY 56.8149 million and inflating profits by the same amount. Specifically: - 2022 Annual Report: Underreported R&D expenses by CNY 17.9454 million. - 2023 Interim Report: Underreported R&D expenses by CNY 38.8695 million.
- **Unrecorded Related-Party Transactions** Tony Semiconductor failed to account for raw materials procured by its affiliate, Tony Industrial Group, leading to underreported R&D expenses (CNY 6.7364 million) and operating costs (CNY 20.719 million), inflating profits by CNY 27.4554 million.
- **Inadequate Inventory Impairment Provisions** The company underreported asset impairment losses, overstating profits by CNY 38.7759 million in 2022 and CNY 72.2779 million in 2023.
Attorney Xu Feng stated that investors who purchased Zhejiang Tony Electronic shares between March 11, 2023, and January 6, 2024, and sold or held them after January 6, 2024, may now file claims.
(Note: This article is provided by Attorney Xu Feng of Shanghai Jiucheng Law Firm and does not represent the views of Sina Finance. Attorney Xu Feng specializes in securities fraud claims, including misrepresentation and insider trading, with extensive experience in investor compensation cases.)
