Jiangsu Hagong Intelligent Robot Faces Regulatory Warning Over Accounting Inaccuracies; Shares Jump 5%

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Jiangsu Hagong Intelligent Robot Faces Regulatory Warning Over Accounting Inaccuracies; Shares Jump 5%

MT Newswires Live2025-02-20

The China Securities Regulatory Commission has issued a warning to Jiangsu Hagong Intelligent Robot (SHE:000584) for inaccuracies in its accounting practices related to a shareholding enterprise, according to a Shenzhen Stock Exchange filing on Thursday.

The probe revealed discrepancies in the automation equipment manufacturer's investment in Huzhou Dazhi Industrial Investment Partnership (Limited Partnership).

While Hagong's actual paid-in proportion was 85.74%, the company incorrectly adjusted the book value of its long-term equity investment based on a 49.5% subscription ratio. This resulted in inaccurate disclosures in the company's financial reports from 2019 to 2022.

The company said it will rectify the matter and strengthen its compliance with laws, the filing said.

The company's shares soared over 5% in recent trade.

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