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(Original title: Yuanjie Technology received administrative supervision for multiple irregularities in information disclosure, and the chairman of the board of directors was interviewed)

"Science and Technology Innovation Board Daily" August 3 (Reporter Wu Xuguang)Public CompanyThe use of raised funds is becoming the focus of current supervision.

On the evening of August 2,YuanjieTechnology issued an announcement that the company receivedSecuritiesAdministrative supervision measures decision letter issued by the Shaanxi Supervision Bureau of the Supervision and Management Commission.

This regulatory measure originated from Yuanjie Technology and the relevant responsible persons of the company. There are regular reportsDisclosureInaccurate information, irregular use of raised funds, etc.

A securities lawyer told the reporter of "Science and Technology Innovation Board Daily" that regulatory talks are not only a warning to listed companies, but also a corrective measure for their irregular information disclosure behavior.This shows that regulators attach great importance to information disclosure issues, and also reflects that the irregular behavior of listed companies in information disclosure has attracted the attention of regulators.

According to the investigation by the Shaanxi Securities Regulatory Bureau, Yuanjie Technology had irregular use of raised funds.From July to December 2023 and from January to April 2024, the company used the working capital of the 10G and 25G optical chip production line construction projects to pay salaries of RMB 3.0374 million and RMB 1.9803 million, respectively, for administrative and sales staff of the head office that were not related to the construction projects. The above situation does not comply with Article 6 of "Guidelines for the Supervision of Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Funds Raised by Listed Companies (Revised in 2022)".

In response to the above-mentioned issues, the Shaanxi Securities Regulatory Bureau decided to order Yuanjie Technology to correct its mistakes and to conduct regulatory talks with HANGXINGANG and Chen Zhenhua in accordance with Article 52 of the Measures.

In addition to the irregular use of raised funds, Yuanjie Technology also has the problem of cross-period revenue recognition, which leads to inaccurate information disclosure in periodic reports.In 2022, the company recognized revenue of RMB 2.6549 million from laser chips in advance, resulting in an overstated revenue of RMB 2.6549 million and an overstated gross profit of RMB 2.3435 million in 2022; correspondingly, in 2023, revenue was understated by RMB 2.6549 million and gross profit was understated by RMB 2.3435 million.

The information disclosed in Yuanjie Technology's 2022 annual report and 2023 annual report is inaccurate and does not comply with the provisions of Article 3, Paragraph 1 of the "Regulations on Information Disclosure of Listed Companies" (CSRC Order No. 182, hereinafter referred to as the "Regulations").

According to the third paragraph of Article 51 of the Measures, ZHANGXINGANG, Chairman and General Manager of Yuanjie Technology, and Chen Zhenhua, Financial Director, are primarily responsible for the inaccurate disclosure of information in the above-mentioned periodic reports.

Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, said in an interview with the Science and Technology Innovation Board Daily that inaccurate information disclosure by listed companies not only harms the interests of shareholders, but also exposes the risks faced by some companies in their internal operations and management.On the one hand, inaccurate information disclosure may cause investors to misjudge the company's credit status and affect investment decisions. On the other hand, inaccurate information disclosure may lead to a loss of market confidence among market investors.

Yuanjie Technology is mainly engaged in the research and development, design, production and sales of optical chips. The company's main products include 2.5G, 10G, 25G and higher-speed laser chip series, which are currently mainly used in fiber optic access, 4G/5G mobile communication networks and data centers.

In the secondary market, as of the close of August 3, the stock price was 105.39 yuan, down 28.74% so far this year, underperforming the Shanghai and Shenzhen 300 Index by 28.68 percentage points during the same period. The latest total market value is 9.007 billion yuan.

In terms of performance, in the first quarter of 2024, Yuanjie Technology achieved revenue of 60.0632 million yuan, a year-on-year increase of 72.33%; and achieved net profit of 10.5350 million yuan, a year-on-year decrease of 11.06%.

Yuanjie Technology said that the main reason for the revenue growth in the first quarter was the significant recovery of the optical chip industry compared to 2023, coupled with the increase in the company's EML products.