--- title: "Jinfu Technology received a notice of administrative penalty from the China Securities Regulatory Commission" type: "News" locale: "en" url: "https://longbridge.com/en/news/242569852.md" description: "Jinfu Technology received the \"Notice of Case Filing\" from the China Securities Regulatory Commission on August 2, 2024, due to suspected violations of information disclosure laws and regulations. On May 30, 2025, the company received the \"Notice of Administrative Penalty in Advance,\" for failing to correctly account for revenue in its metal trading with suppliers and customers in 2021, resulting in inflated operating income, which violated relevant provisions of the Securities Law. The company corrected its financial data on March 19, 2022" datetime: "2025-05-30T10:57:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/242569852.md) - [en](https://longbridge.com/en/news/242569852.md) - [zh-HK](https://longbridge.com/zh-HK/news/242569852.md) generator: "portal-rs" --- # Jinfu Technology received a notice of administrative penalty from the China Securities Regulatory Commission According to the Zhitong Finance APP, Jinfu Technology (300128.SZ) announced that on August 2, 2024, it received a "Notice of Case Filing" (No. Zhen Jian Li An Zi 0102024019) issued by the China Securities Regulatory Commission ("CSRC"). Due to the company's suspected violations of information disclosure laws and regulations, the CSRC decided to file a case against the company. On May 30, 2025, the company received an "Advance Notice of Administrative Penalty" (No. Su Zheng Jian Fan Zi \[2025\] No. 6) from the CSRC, with the following details: In 2021, Jinfu Technology and its subsidiary Shanghai Zhifu High Polymer Materials Co., Ltd. engaged in metal trading business with suppliers Xiamen Zhongzhi Xinlian Industrial Co., Ltd. and customers Xiamen Juyu Industrial Co., Ltd. Jinfu Technology and its subsidiary only fulfilled the obligation of advance payment and received fixed interest in this business. According to "Enterprise Accounting Standards No. 14 - Revenue," the related income should not be included in operating revenue. Jinfu Technology did not correctly account for the above business, resulting in inflated operating revenue of 52.9388 million yuan, 111.3206 million yuan, and 172.3483 million yuan for the first quarter, half-year, and first three quarters of 2021, respectively, accounting for 20.02%, 21.14%, and 20.74% of the operating revenue recorded in the company's current reports, leading to false records in the "2021 First Quarter Report," "2021 Half-Year Report," and "2021 Third Quarter Report." On March 19, 2022, the company disclosed an announcement regarding the correction of prior accounting errors and retrospective adjustments, correcting the relevant financial data. The above illegal facts are evidenced by the company's announcements, situation explanations, relevant contracts, inquiry records of related personnel, financial vouchers, and other evidence. The "2021 First Quarter Report," "2021 Half-Year Report," and "2021 Third Quarter Report" disclosed by Jinfu Technology contain false records, suspected of violating the relevant provisions of Article 78, Paragraph 2, and Article 84, Paragraph 1 of the "Securities Law of the People's Republic of China" (hereinafter referred to as the "Securities Law"), constituting the illegal circumstances described in Article 197, Paragraph 2 of the "Securities Law." According to Article 82, Paragraph 3 of the "Securities Law," Jinfu Technology's chairman Gu Qing agreed to the company engaging in metal trading business without fully paying attention to the substance of the business and did not take effective measures to urge the company to correctly account for the business; the then CFO Deng Hao agreed to the company engaging in metal trading business and was responsible for accounting treatment, failing to prudently judge the substance of the business and using incorrect accounting methods to account for the business; the then general manager Fang Yonggang agreed to the company engaging in metal trading business without fully paying attention to the substance of the business and did not take effective measures to urge the company to correctly account for the business. The above three individuals are the directly responsible supervisors for Jinfu Technology's illegal information disclosure. The then director, vice president, and audit committee member Zhang Wei participated in the approval of the metal trading business and was responsible for reviewing the company's financial information, failing to prudently pay attention to the accuracy of the accounting treatment of the business, making him another directly responsible person for Jinfu Technology's illegal information disclosure. Based on the facts, nature, circumstances, and social harm degree of the parties' illegal acts, and according to Article 197, Paragraph 2 of the "Securities Law," it is proposed to decide: 1. To warn Suzhou Jinfu Technology Co., Ltd. and impose a fine of 4 million yuan; 2. Give a warning to Gu Qing and impose a fine of 1.2 million yuan; 3. Give a warning to Deng Hao and impose a fine of 1 million yuan; 4. Give a warning to Fang Yonggang and impose a fine of 800,000 yuan; 5. Give a warning to ZHANG WEI and impose a fine of 500,000 yuan ### Related Stocks - [300128.CN](https://longbridge.com/en/quote/300128.CN.md) ## Related News & Research - [Money Managers Turn Bullish On China Despite Mounting Economic Woes](https://longbridge.com/en/news/296554795.md) - [The Sandbox SAND Exploit: $49B in New Tokens Flood Base](https://longbridge.com/en/news/296678246.md) - [19:16 ETAG.AL Crowned Esports World Cup 2026 Club Champion After Landmark Competition in Paris](https://longbridge.com/en/news/296712807.md) - [Qualicorp names Flavio Mergener Salles chief commercial officer](https://longbridge.com/en/news/296709444.md) - [Exclusive: Marjorie Taylor Greene Warns Social Security Will Go ‘Bankrupt’—But Wall Street CIO Backs Scott Bessent Amid 30-Year Yield Surge](https://longbridge.com/en/news/296329487.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**