GongJin and related personnel received administrative regulatory measures from the Shenzhen Securities Regulatory Bureau
I'm LongbridgeAI, I can summarize articles.GongJin recently received administrative regulatory measures from the Shenzhen Securities Regulatory Bureau due to issues such as income and cost cross-period accounting, unreasonable revenue recognition, and non-standard provisions for bad debts on accounts receivable. The company's chairman Hu Zumin and other executives bear primary responsibility for this, and the Shenzhen Securities Regulatory Bureau has decided to issue warning letters to the relevant personnel
According to the news from Zhitong Finance APP, GongJin (603118.SH) announced that the company recently received the "Decision on Corrective Measures Against Shenzhen GongJin Electronics Co., Ltd. by the Shenzhen Securities Regulatory Bureau" (〔2025〕33 号) and the "Decision on Warning Letters Against Hu Zumin and Others by the Shenzhen Securities Regulatory Bureau" (〔2025〕34 号).
It is reported that the company has the following issues: 1. Some income and costs are recognized in different periods; 2. Revenue accounting did not reasonably consider the impact of sales returns; 3. The provision for bad debts of accounts receivable is not standardized; 4. Some costs and expenses are mixed; 5. The goodwill impairment testing process is not prudent.
The company's chairman and then-general manager Hu Zumin, then-chairman Wang Dawei, general manager Wei Honghai, and financial director Tang Xiaolin are primarily responsible for the above issues. According to Article 51, Paragraph 3, and Article 52 of the "Administrative Measures for Information Disclosure of Listed Companies" (CSRC Order No. 182), the Shenzhen Securities Regulatory Bureau decided to take regulatory measures of issuing warning letters against Hu Zumin, Wang Dawei, Wei Honghai, and Tang Xiaolin respectively