SONGZ and related personnel received a warning letter from the Shanghai Securities Regulatory Bureau

SONGZ recently received a warning letter from the Shanghai Securities Regulatory Bureau, as the company recognized an asset impairment provision of 29.8724 million yuan in 2023, accounting for 29.92% of the parent company's net profit. This impairment provision was not disclosed through a temporary report and was only explained in the 2023 annual report

According to the Zhitong Finance APP, SONGZ (002454.SZ) announced that it recently received a notice from the Shanghai Regulatory Bureau of the China Securities Regulatory Commission (referred to as "Shanghai Securities Regulatory Bureau") regarding the decision to issue a warning letter to Shanghai Jialeng SONGZ Automotive Air Conditioning Co., Ltd., Chen Huanxiong, Ji Ankang, and Chen Rui (Document No. Hu Zheng Jian Jue [2024] 412).

Upon investigation, SONGZ recorded an asset impairment provision of 29.8724 million yuan for the year 2023, accounting for 29.92% of the net profit attributable to the parent company's owners for the current period, and 31.84% of the net profit attributable to the parent company's owners for the most recent period (2022). The company did not disclose the large asset impairment provision through a temporary report, but only through the 2023 annual report