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Low-altitude economy stock Sichuan University Wisdom wins investigated by CSRC for alleged information disclosure violations
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On September 22, Sichuan Jiuzhou Electric Co., Ltd. (stock code 002253), a concept stock in China's low-altitude economy (index 886067), announced it had received an investigation notice and an administrative regulatory measure decision from regulators on the same day. The company's actual controller, You Zhisheng, borrowed 15 million yuan from the company between July 2024 and April 2025 under the guise of prepayments to repay bank loans of his related parties, constituting non-operational fund occupation. The company failed to disclose this in its 2024 annual report. Additionally, the company failed to timely deliberate and disclose related-party transactions, failed to disclose performance commitments of investee companies, had inadequate internal controls, and improper accounting treatment. The Sichuan Securities Regulatory Bureau ordered the company to take corrective measures and issued warning letters to five responsible individuals, including You Zhisheng. Separately, the China Securities Regulatory Commission has launched an investigation into the company for suspected information disclosure violations. The company stated it will cooperate with the investigation and that its operations are normal.
Source report
September 22 — Sichuan Wiscom Software Co., Ltd. (Shenzhen: 002253, stock price: RMB 10.27, market cap: RMB 2.317 billion), a company under the low-altitude economy concept stock category (code 886067), issued two announcements on the evening of September 22, disclosing that it had received both an investigation notice and an administrative regulatory measure decision from the authorities on the same day.
Key Findings: Fund Misappropriation and Disclosure Failures
According to the company's filings, the following issues were identified:
- Non-operational fund occupation: Between July 2024 and April 2025, the company's actual controller, You Zhisheng, borrowed RMB 15 million from the listed company under the guise of advance payments to repay bank loans of his related parties. The funds were returned in April 2025. During the borrowing period, this constituted non-operational fund occupation, yet the company failed to disclose this in its 2024 annual report.
- Additional violations: The company also failed to:
- Timely review and disclose related-party transactions
- Disclose performance commitments of its investee companies
- Ensure effective internal control implementation
- Maintain proper accounting treatment
Regulatory Actions Taken
The Sichuan Bureau of the China Securities Regulatory Commission (CSRC) decided to:
- Impose corrective measures on the company
- Issue warning letters to five responsible individuals: You Zhisheng, Yang Bo, Liu Jianbo, Hu Qingxian, and Wu Junjie
- Record these actions in the securities and futures market integrity archive
CSRC Investigation Launched
In a separate announcement, Sichuan Wiscom confirmed that it received a Case Filing Notice from the CSRC on September 22. The company is being investigated for suspected violations of information disclosure laws and regulations, in accordance with the Securities Law of the People's Republic of China and the Administrative Penalty Law of the People's Republic of China.
Company Response
Sichuan Wiscom stated that it will:
- Seriously review and learn from the identified issues in accordance with the Sichuan Bureau's requirements
- Strengthen information disclosure management
- Improve the company's standardized operations
Regarding the CSRC investigation, the company said it will actively cooperate with the investigation, monitor developments, and fulfill its information disclosure obligations in a timely manner. The company also noted that its production and business operations are currently running normally.
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Source
每日经济新闻Eastern
Part of this Story
China's CSRC Investigates Sichuan Wisesoft for Disclosure Violations; Five Executives Warned