The Tianheng Institute and its responsible personnel were found to have false records in the audit project of ZHONGLI GROUP, resulting in a penalty of nearly 46 million imposed by the China Securities Regulatory Commission

The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision, stating that Tianheng Certified Public Accountants failed to exercise due diligence in the audit of Zhongli Group's annual reports from 2016 to 2019, and the audit reports contained false records. The signing certified public accountants, Luo Jing and Lü Congping, are the responsible supervisors for the aforementioned violations. The CSRC decided to order Tianheng to make corrections, confiscate its audit business income of 14,858,490.57 yuan from 2016 to 2019, and impose a fine of 29,650,000.00 yuan; Luo Jing and Lü Congping were warned and fined 700,000 yuan each