China’s SanTe Cable Car fined 10.5M yuan, ex-owner banned for life over fund diversion
On September 18, 2026, China’s SanTe Cable Car (002159) was fined 10.5 million yuan by the Hubei Securities Regulatory Bureau for failing to disclose related-party fund diversions totaling over 2.7 billion yuan between 2020 and 2022. Former controller Ai Luming was fined 11 million yuan and received a lifetime securities market ban. The company has since recovered all funds and transitioned to state control under Gaoke Group.
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San Te Cableway Fined 10.5 Million Yuan, Former Controller Banned for Life
On September 18, 2026, A-share listed company San Te Cableway announced it received an Administrative Penalty Decision from the Hubei Regulatory Bureau of the China Securities Regulatory Commission. The company was fined a total of 10.5 million yuan for failing to timely disclose non-operational fund occupation by related parties and for material omissions in its 2019 and 2020 annual reports. Former actual controller Ai Luming was fined 11 million yuan and received a lifetime ban from the securities market due to the egregious nature of his violations and his prior ban history. Four other senior executives were fined between 2.1 million and 4.1 million yuan. The fund occupation, which involved transfers totaling over 2.7 billion yuan to related party Contemporary Group between 2020 and 2022, was only disclosed in April 2022, after which all funds were recovered. The company stated it does not meet mandatory delisting criteria and that the fine expenses have been accrued in its 2026 semi-annual report. Control of San Te Cableway changed in 2023 to Wuhan High-Tech State-Owned Holding Group.
Read sourceSante Cableway Fined 10.5M Yuan; Former Controller Banned for Life
On September 18, Sante Cableway (002159) announced it received an Administrative Penalty Decision from the Hubei Securities Regulatory Bureau for failing to timely disclose non-operational fund occupation by related parties and for material omissions in its 2019 and 2020 annual reports. The company was fined RMB 10.5 million. Former actual controller Ai Luming was fined RMB 11 million and received a lifetime ban from the securities market for repeatedly instructing the company to provide financial support to Contemporary Group, its indirect controlling shareholder. The fund occupation involved transfers totaling RMB 340 million in 2020, RMB 1.904 billion in 2021, and RMB 500 million in 2022, which were not disclosed until April 2022. Chairman Lu Sheng was also fined RMB 3 million for approving the transactions. The penalties conclude a three-year investigation by the China Securities Regulatory Commission. Sante Cableway stated the fines were already accrued in its 2026 semi-annual report and that operations remain normal.
Read sourceChina's Sante Cableway fined $1.5M, ex-owner banned for life over fund diversion
On September 18, 2026, Sante Cableway (002159) received a penalty from the Hubei Securities Regulatory Bureau for information disclosure violations related to a fund diversion scheme that occurred between 2019 and 2022. The company was fined 10.5 million yuan, and former actual controller Ai Luming was fined 11 million yuan and received a lifetime ban from the securities market. The violations involved non-operational fund transfers to the company's then-indirect controlling shareholder, Dangdai Group, totaling 14.23 billion yuan in 2019 alone, exceeding the company's net assets. The funds were eventually recovered by April 2022. The company's chairman at the time, Lu Sheng, was fined 3 million yuan despite claiming he signed under duress. Sante Cableway has since been acquired by Wuhan High-Tech State-Owned Holding Group in 2023, transitioning from private to state-controlled. The company's financial performance has improved under state ownership, with net profit turning positive in 2023, though the penalty impacted its 2026 first-half results.
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Sante Cableway Fined 10.5 Million Yuan for Disclosure Violations; Ex-Controller Banned for Life
On September 18, A-share listed company Sante Cableway received an administrative penalty from the Hubei Securities Regulatory Bureau for failing to timely disclose non-operational fund occupation by related parties and for material omissions in its 2019 and 2020 annual reports. The company was fined a total of 10.5 million yuan. Former de facto controller Ai Luming was fined 11 million yuan and received a lifetime ban from the securities market due to the egregious nature of his conduct and prior bans. Four other executives were collectively fined 11.4 million yuan. The undisclosed fund transfers from August 2020 to January 2022 totaled 2.744 billion yuan, representing significant portions of audited net assets. The company disclosed the occupation on April 30, 2022, and fully recovered the funds and interest by April 2022. Sante Cableway stated the penalty does not meet mandatory delisting criteria and that the impact was reflected in its 2026 semi-annual report. Control of the company changed in June 2023 to Wuhan Guoke Holdings Co., Ltd.
Read sourceChina's SanTe Cable Car fined 10.5 million yuan for disclosure violations; ex-owner banned for life
On September 18, SanTe Cable Car (002159) announced it received an Administrative Penalty Decision from the Hubei Securities Regulatory Bureau for failing to timely disclose related-party non-operational fund occupation and for material omissions in its 2019 and 2020 annual reports. The company was fined 10.5 million yuan, and former actual controller Ai Luming was fined 11 million yuan and received a lifetime ban from the securities market. From 2019, under the influence of indirect controlling shareholder Dangdai Group, SanTe transferred funds to entities designated by Dangdai, creating non-operational fund occupation. The company failed to disclose transfers of 340 million yuan in 2020 (31.89% of net assets), 1.904 billion yuan in 2021 (131.67%), and 500 million yuan in 2022 (34.58%). The occupation was also concealed in annual reports. Ai Luming was found to have directed the violations. The company has since recovered all occupied funds with interest. SanTe has transitioned from private to state-controlled ownership, with Gaoke Group becoming its controlling shareholder in June 2023. The company stated the penalty will not materially affect its operations.