*ST Tianwei and Three Executives Receive Regulatory Warning from Shanghai Stock Exchange for Information Disclosure and Compliance Violations

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Shanghai Stock Exchange recently issued a regulatory warning decision due to Sichuan Tianwei Electronics Co., Ltd. (stock abbreviation: *ST Tianwei, stock code: 688511) violating information disclosure and regulatory requirements. The company’s then-chairman Ju Wanli, then-general manager Zhang Chao, and then-financial director Hou Guangli were given regulatory warnings.

According to the announcement, *ST Tianwei’s violations mainly include two aspects. First, the company over-provisioned credit impairment losses by 3.5822 million yuan in 2024, which did not comply with the relevant provisions of Accounting Standard No. 22—Recognition and Measurement of Financial Instruments. The company disclosed in the “Announcement on Correction of Prior Period Accounting Errors and Revision of Periodic Reports” on February 28, 2026, that due to misjudgment of the aging of accounts receivable notes in the 2024 annual report, there were errors in the provision for bad debts, leading to errors in the financial reports for 2024 and the first quarter, semi-annual, and third-quarter reports of 2025. The company used a retrospective restatement method to correct these errors.

Second, the company failed to disclose in the “Special Report on the Deposit and Actual Use of Raised Funds” for the first half of 2024, the annual 2024, and the first half of 2025, the purchase of deposit products with raised funds, resulting in discrepancies between the cash management balances at the end of each period and the actual situation.

These behaviors violate multiple regulations, including the “Guidelines for Supervision of Listed Companies No. 2,” “Regulations on the Supervision of Raised Funds by Listed Companies,” “Shanghai Stock Exchange STAR Market Listing Rules,” and the “Self-Regulatory Guidelines for STAR Market Listed Companies No. 1.”

Regarding the responsible persons, the Shanghai Stock Exchange pointed out that Ju Wanli, then-chairman and the main person responsible for the company and the primary person responsible for information disclosure; Zhang Chao, then-general manager and responsible for daily operations; and Hou Guangli, then-financial director and responsible for financial matters, failed to perform their duties diligently and are responsible for the company’s violations. They violated the relevant provisions of the STAR Market Listing Rules and the commitments made in the “Declaration and Commitment Letter of Directors (Supervisors, Senior Management).”

According to the correction of accounting errors, the net profit attributable to shareholders of the parent company for each period has been adjusted as follows:

The Shanghai Stock Exchange requires *ST Tianwei and its directors and senior management to take effective measures to rectify the violations, conduct thorough inspections of disclosure and operational compliance risks, develop targeted preventive measures, and submit a rectification report signed and confirmed by the directors and senior management within one month of receiving the decision. Meanwhile, the company and relevant personnel should learn from the incidents, strictly operate in accordance with laws, regulations, and listing rules, and diligently fulfill their disclosure obligations.

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Editor: Xiao Lang Kuai Bao